I’m a little late this month with the October market statistics for Denver. It’s been a busy month! Good news for buyers, sellers and real estate brokers.
Denver sales continue to show bifurcated results – low to mid range homes selling like crazy, higher end homes still languishing a bit.
Inventory numbers are down from September – over 18% down. Days on market is down too, indicating increased sales rates. Inventory naturally adjusts this time of year, but sales paces have increased for some segments of the market causing further inventory reductions.
Prices are up nearly 3% from a year ago, but still we’re down from last month. That’s likely a result of the mix of homes that are selling. In other words, it’s not so much that prices have come down nearly 5% since September, but more likely that number is influenced by lower priced home sales.
Look for inventory to stay low through the holidays, which will result in pent-up demand by buyers after the first of the year. Buyers are motivated by the tax credit and they’re looking for good inventory to hit the market.
If you’re a seller, use the next few weeks to get your house in perfect showing condition, and carefully price your house when you do hit the market. If you position your home to come in first place in buyers’ minds – looking beautiful and priced very competitively – you’ll be the house that sells.
We’re in the perfect storm for a huge real estate recovery. Denver has already been at the front end of the recovery and recognized nationally as a stable place to buy a house. With interest rates remaining extremely low, prices depressed after several down years, and a tax credit for many buyers, 2010 is shaping up to be a busy year.
Last month proves it. I’ve been happily busy – but never too busy to help you find your next dream home! Start your search on my search homes website.