• Available inventory was at 17,784* units, up 6% compared with month ago figures
o Inventory was up 13% compared with same month, year ago
*Includes Active and Pending listings for historical trending purposes. See Market Intel reports for Pending count.
• Under contract listings are even with prior month at 3,162 units
o Down 29% compared to Jun 09
• Sales were down 6% from month ago to 3,227 units sold
o Compared with Jun 09, units sold decreased 3%
• YTD sales volume was at 16,506 units, up 7% compared with YTD 2009 sales of 15,432 units
• Average sales price was $299,375
o Up 10% with May 10, $273,285 avg price
o Up 6% versus Jun 09, $283,312 avg price
• Median sales price was $244,000, up 5% compared with prior month, and up 3% from Jun 09
• Average Days on Market (DOM) was at 81 days, a 20% decline from year ago
Tuesday, July 13, 2010
Monday, July 12, 2010
What's going on with the high-end Denver market?
The top 10% of the homes, pricewise, as those that sell for over $460K.
- The top 5% starts at $600K+.
- The top 1% of the most expensive homes sold are those over $1.125MM
I took a look at 1/1/2008 to 6/30/2010, for all of the solds that were reports in the MLS for the Denver metro area. So that doesn’t include Boulder, Ft Collins, Colorado Springs, or the mountain resort areas. Here’s what’s going on:
- Sales were up in 2Q 2010 vs. 2Q 2009 (+13%).
- The number of REO sales peaked in 1Q 2009, and has declined since then.
- The number of Short Sales has been climbing steadily since their 3Q 2008.
- For the first time, there were more luxury home S/S than REO sales in 2Q 2010.
If you look at the number of distress sales (S/S + REO) relative to the total number of sales, you see that the distress ratio is pretty consistently between 10 – 15% of the market.
Prices for luxury homes fell from $250 per square foot (2008) to $230 per square foot (most of 2009). They did recently increase +3% in 2Q 2010.
- While “regular” sales are around $239 / sq ft; distress sales sell at about a 20% discount. REO homes sold for $196 / sq ft and short sales sold for $201 / sq ft
- The top 5% starts at $600K+.
- The top 1% of the most expensive homes sold are those over $1.125MM
I took a look at 1/1/2008 to 6/30/2010, for all of the solds that were reports in the MLS for the Denver metro area. So that doesn’t include Boulder, Ft Collins, Colorado Springs, or the mountain resort areas. Here’s what’s going on:
- Sales were up in 2Q 2010 vs. 2Q 2009 (+13%).
- The number of REO sales peaked in 1Q 2009, and has declined since then.
- The number of Short Sales has been climbing steadily since their 3Q 2008.
- For the first time, there were more luxury home S/S than REO sales in 2Q 2010.
If you look at the number of distress sales (S/S + REO) relative to the total number of sales, you see that the distress ratio is pretty consistently between 10 – 15% of the market.
Prices for luxury homes fell from $250 per square foot (2008) to $230 per square foot (most of 2009). They did recently increase +3% in 2Q 2010.
- While “regular” sales are around $239 / sq ft; distress sales sell at about a 20% discount. REO homes sold for $196 / sq ft and short sales sold for $201 / sq ft
Thursday, August 6, 2009
Get Your First-Time Home Buyer Tax Credit - NOW!!
You've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:
1.Close on your home purchase by November 30, 2009,
2.Ensure that you are a qualified first-time buyer under IRS guidelines,
3.Decide which year to file under, 2008 or 2009,
4.File an amended 2008 return or choose to apply the credit to your 2009 tax return.
That last step is important: Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible you might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you've already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
1.Close on your home purchase by November 30, 2009,
2.Ensure that you are a qualified first-time buyer under IRS guidelines,
3.Decide which year to file under, 2008 or 2009,
4.File an amended 2008 return or choose to apply the credit to your 2009 tax return.
That last step is important: Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible you might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you've already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
A Visit from the District Attorney!
A Visit from the District Attorney!
This is a very interesting article I found on fraudulent Real Estate transactions. This is highly directed to Real Estate investors as they are always seeking a prudent deal and sometimes the best are too good to be true.
A couple of years ago, Real Estate fraud was all about hyped up appraisal valuations and colusion between brokers, lenders, appraisers and title people. This article is sharing about people fraudulently selling homes that don't below to them!!!
Please pay attention to the last paragraph where it addresses steps to take in today's market to insure you are working with the actual seller and it points our potential red flags to look for.
This is a very interesting article I found on fraudulent Real Estate transactions. This is highly directed to Real Estate investors as they are always seeking a prudent deal and sometimes the best are too good to be true.
A couple of years ago, Real Estate fraud was all about hyped up appraisal valuations and colusion between brokers, lenders, appraisers and title people. This article is sharing about people fraudulently selling homes that don't below to them!!!
Please pay attention to the last paragraph where it addresses steps to take in today's market to insure you are working with the actual seller and it points our potential red flags to look for.
Tuesday, July 14, 2009
Why use an Exclusive Buyer Agent in Denver
EXCLUSIVE BUYER AGENTS -- represent homebuyers--never sellers. These agents are required by law to get the best price and best terms for the Homebuyer. All consumer advocates recommend that homebuyers take advantage of the benefits offered by exclusive buyer agents. Exclusive buyer agents are specialists in the home buying process. This higher level of professional service for buyers has resulted in an average of over 5% savings and greater satisfaction for homebuyers. Because these agents do not list property, they do not have company listings to try to sell to you first. Instead, all homes are available to homebuyers without bias, including For Sale By Owner, New Build Construction by homebuilders, and Multiple Listing Service homes (other Realtor listings). Exclusive Buyer Brokers will better protect the interests of buyers than dual agents, sub-agents, designated agents, or so called split agents. They are more likely to negotiate a lower sale price on a home, for example.
Friday, July 10, 2009
Metro Denver home prices up
Denver continues to buck national Real Estate trends. The number of homes sold last month increased to 4,186, up 15.4 percent compared with May, according to Metrolist data. The median price for a single-family home rose 8 percent to $237,500. That's also 3.3 percent higher than last June's median price of $230,000.
I work the central Denver neighborhoods in the City & County of Denver near downtown. I can tell you that over the past several months, good properties in good locations that are priced well sell VERY QUICKLY... like the first couple of days on the market. I'm still not seeing a lot of people take advantage of the $8,000 1st Time Home Buyers Tax Credit, but homes are moving. Interest rates are still at all time historic lows.
http://www.denverpost.com/ci_12772370
I work the central Denver neighborhoods in the City & County of Denver near downtown. I can tell you that over the past several months, good properties in good locations that are priced well sell VERY QUICKLY... like the first couple of days on the market. I'm still not seeing a lot of people take advantage of the $8,000 1st Time Home Buyers Tax Credit, but homes are moving. Interest rates are still at all time historic lows.
http://www.denverpost.com/ci_12772370
Thursday, July 2, 2009
Denver Neighborhood Rents & Vacancies Both Up
According to the Colorado Division of Housing, both Vacancy & Rents increased in the 1st Quarter 2009 for Single Family Rental Homes in Denver. This report does not include apartment units.
Vacancy for the 1st Quarter 2009 was up to 3.6% and metrowide average rent for rental housing increased to $1,004.44 from $984.61 a year ago. Still a very tight market.
Vacancy rates for the first period by county include: Adams (5.1 percent), Arapahoe (2.9 percent), Boulder/Broomfield (2.1 percent), Denver (4 percent), Douglas (2.4 percent) and Jefferson (3.8 percent).
Read the entire article: http://www.bizjournals.com/denver/stories/2009/06/22/daily71.html?ana=from_rss
Vacancy for the 1st Quarter 2009 was up to 3.6% and metrowide average rent for rental housing increased to $1,004.44 from $984.61 a year ago. Still a very tight market.
Vacancy rates for the first period by county include: Adams (5.1 percent), Arapahoe (2.9 percent), Boulder/Broomfield (2.1 percent), Denver (4 percent), Douglas (2.4 percent) and Jefferson (3.8 percent).
Read the entire article: http://www.bizjournals.com/denver/stories/2009/06/22/daily71.html?ana=from_rss
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