Metro Denver residential home sales up from last year
The Metrolist service released their monthly sales figures from August today and this is what they had to say:
For the Metro Denver area residential home sales are figuring quite a bit better than they were this time last year.
3,943 homes sold last month compared to 3,921 this time last year.
Average Days On Market remained the same at 92.
The median price (exact middle) was up to $257,500 last month compared to $252,900 last year.
Average sales price was up to $329,783 last month compared to $320,092.
Condo sales unfortunately didn’t fare nearly as well (unless you’re a buyer!). The average sales price a year ago was $196,659 and this year it was down to $182,741.
The average sales price on residential homes tends to jump around from month to month but August did considerably better than February of this year, which came in at the lowest: $292,143.
I maintain this is further proof that the doom and gloom scenario the media and the politicians are trying to paint is off. Are houses going under contract the minute you stick a sign in the yard? Hell no! That doesn’t however mean there is a housing market crisis. It just means that we real estate agents actually have to DO SOME WORK to get a listing sold. Suck it up, it will pass.
It also means that consumers need to carefully consider all their options.
How much equity do you have in your home? If the answer is none and you can afford to wait to sell you my want to hold out for a while. You may also want to consider renting your home out and moving into more affordable digs. It’s a great time to move up, while the market is soft, while you’re at it, turn your current home into a real investment and rent it out instead of selling.
What kind of condition is your house in? If you want to sell it quickly and for top dollar make sure it’s clean and ready to move in instantly. There is a lot of competition out there and your house needs to outshine the rest if you want to sell.
EFFECTIVE IMMEDIATELY: If you (or someone you know) are currently in an ARM that is adjusting to an amount you can’t afford, and you have a 30-day late for the FIRST time on this loan, you may be able to refinance into a more affordable FHA loan. My preferred lender, Eric Grandcourt at Waterstone Mortgage Corporation may be able to assist you so call 303.552.0375 with any questions.
If you’re thinking about buying a home you can have your pick of the lot right now at decent prices and good interest rates. This is an especially good time for renters to buy their first home! Lower prices mean good deals for buyers!! Not so great for sellers but prices will go up again and you’ll wish you would have bought when they were lower - there is no crisis and there is no real estate bubble - especially not in the metro-Denver area.
Beth Skinner is a real estate professional who actually returns phone calls and emails! Click here to search the MLS for your dream home.
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