The November 2009 market stats are in, and it’s our busiest December Ever!
That’s not an exaggeration. It’s December 21st and I just got an offer on a listing which went under contract today. Our office rocking. The contracts keep coming in.
And we all had a great time dancing to the King of Pop last week at our office party. The mood is light years away from the dreadful, scary, morose feeling everyone had a year ago.
Not to say that things can’t fall apart on a dime. We’ve learned that a few times in the past decade. But when the going’s good you need to embrace it.
The Denver real estate market is setting the tone for an excellent 2010. This will be a very different year and buyers and sellers should be prepared to adjust quickly.
Looking at November’s market statistics (Christmas cookies took over for timely posting) you can see that Denver’s inventory is extremely low. This is more than just a typical seasonal adjustment. It’s a reflection of sellers’ pricing reality and buyers’ pent-up demand.
Our market is up 23% from this time last year! That’s an incredible statistic. In the words of Steve Harney, “You have to be dumb or broke not to buy a house right now.” A new house, an investment home, a move up, a downsize – this is your time, baby.
The average price is also up just a shade from last month and over 5% from last year. Sellers – don’t expect this number to magically increase at a rapid rate. Prices will remain deflated for awhile, but as the market picks up steam, prices will too.
With average days on market at 81 days, inventory will continue to sell off quickly and buyers’ lament will be that there’s nothing to look at.
After January 15th -when the market breathes new life every year – we should see an increase in inventory, and an increase in sales. Properly priced and showcased homes will not languish on the market in 2010.
Happy Holidays to everyone! Thanks for reading LifeStyleDenver for two years. Keep coming back and let me know if you want to list your house or find a new home in 2010.