June 2014 Home Sales Result – Denver Metro
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Transcript of June 2014 Home Sales Result – Denver Metro
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JUNE 2014 HOME SALES RESULT – DENVER
METROResults based on the 7 metro counties of Denver (Adams, Arapahoe,
Broomfield, Denver, Douglas, Elbert and Jefferson).
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MAJOR CHANGES
• There are 9,278 Active units for sale in all of Metrolist on July 8, 2014.
• However only 6,946 Active units for sale in the 7 Metro Counties, the same day.
• 50.4% of sold transactions went under contract in 7 days or less, and 52.9% sold for at or over their asking price.
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MAJOR CHANGES CONT…
• Detached residential properties that sold under $200,000 went for 101.6% of their last asking price.
• Based on the closed transactions in June of 5,374 we need 32,244 active listings to create a balanced market with 6 months of inventory. There are only 6,926 active attached and detached units in the market place, we are short of inventory by 78.5%.
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DETACHED RESIDENTIAL PROPERTIES
• At current levels of inventory for detached properties, we are deficient of homes by 76% of what Denver would need to have a balanced market.
• The market is most heavily favoring a seller’s market in the $200,000-
$399,999 range where Denver only has 12.0% of the required inventory.
• Active inventory declined by nearly -27.1 % year over year.
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ATTACHED PROPERTIES
• Active inventory continues to hover around historic lows, down by -13.3% vs the same month one year ago.
• Under Contract units up 1.5% from June 2013.
• Sold attached dwellings up by 25.8% Year over Year.
• Active condo units up by 2.7% from May to June.
• Solds are up another 2.7% from last month.
• Inventory remains at near all-time lows.
• Supply remains at an all time low of 1.0 months of inventory.
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THE ODDS OF SELLING DETACHED PROPERTIES
• Prior to the market recovery in 2012, the odds of selling in a given month hovered around about 25% for Detached properties.
• Previously the highest this number has measured in the last 7 years was in
April of 2013 at nearly 60%. We hit 59.4% in June of 2014.
• Average sold prices way up to $376,971. Up 7.9% over prior year and up
0.2% from prior month.
• June 2014 saw the highest average prices we have ever recorded.
• This is up from the bottom of the market in 2009 where average values were $230,878 for a total difference of $146,093.
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CONCESSIONS- DETACHED SINGLE FAMILY JUNE 2014
Price Range Average Price Average Concessions
0-199k $163,367 $1,208
200-399k $289,509 $1,253
400-599k $471,245 $1,051
600-799k $682,855 $1,213
800-999k $884,790 $692
1-3M $1,462,735 $1,081
3M+ $4,261,314 $1,478
Grand Total $376,971 $1,191
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CONCESSIONS- ATTACHED SINGLE FAMILY MAY 2014
Price Range Average Price Average Concessions
0-199k $138,105 $782
200-399k $271,323 $729
400-599k $482,438 $358
600-799k $669,584 $548
800-999k $873,255 $1,045
1-3M $1,643,600 $4000
Grand Total $224,492 $748
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AVERAGE DAYS ON MARKET – DETACHED PROPERTIES
• Average days on market reached their lowest in June 2014.
• Currently sitting at 25 days, decrease by -10.7% from May, and down
-41.9% from one year ago.
• Historical average is usually between 90-110 days on market.
• Average days on market by price segment is below average until the
$400,000 range.
• Shortest average days on market is in the $0-199k and $200-399K
segments.
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AVERAGE DAYS ON MARKET – ATTACHED PROPERTIES
• Currently days on market sits at a near low of 22 days.
• This is down 48.8% from one year ago, and up 4.8% from the previous
month.
• Near a record low, historical average is typically 100-120 days to contract.
• Average days on market in this calculation is slightly different than as
reported by the MLS due to a variance in the way data is obtained.
• Just over 2 weeks to contract for properties under $200,000.
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EXPLANATION OF PREVIOUS SLIDE
• Based on June 2014 results, homes that sold within the first week of being listed averaged 101.6% of the listing price.
• If the home sat for longer than 2 weeks, the average sales price was just under 98% of the asking price.
• The trend continues downward the longer the property is on the market. Thus, having it priced right is essential in selling your home quickly.
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CALL ME TODAY IF YOU HAVE ANY QUESTIONS REGARDING THE HOME
OWNERSHIP EXPERIENCE!Robert E. Blase
Phone: 720-600-9035
E-mail: [email protected]
Website: robertblase.kwrealty.com