Sellers – this is not the winter you want to take your house off the market for the holidays.
The Denver metro area inventory is the lowest it’s been this entire millennium. Buyers are searching for homes and sellers are holding back. This level of inventory is about half what it was in the busy times.
If you’re getting your house ready to sell, get it ready now. And get it on the market. The weekly sales rate of 5.62 percent in October, was almost 44 percent higher than the weekly sales rate in October 2010.
Sales were up 12% from October 2010. Days on Market were down from September and year over year, reflecting the buyer demand for good properties.
And finally, prices are down too. Counter intuitive when there are such low interest rates and correspondingly low inventory. The reason prices show a decrease is the trend toward lower priced home sales. The “mix” of properties that are closing are bulking up around $200,000-$400,000. Mid-priced homes and high end homes are still taking longer to sell, and those sellers are still finding themselves reducing prices.
This is shaping up to be a “not normal” winter in Denver. Let’s hope the snow is in the mountains, the sun is in the city and real estate is hot.
Look at pretty pictures of homes for sale at www.gretchenrosenberg.com.