The May 2011 month end inventory of unsold homes is at 19,573 units, even with last month and down 11% from May, 2010.
4,777 units were placed under contract in May, up 1% from April and up 23% from May, 2010.
3,732 units sold/closed in May, up 9% from April and down 15% from May, 2010.
Residential average price, $257,177 for 05/2011, increased 3% month over month and 4% year over year.
Single Family average price, $279,443 for 05/2011, increased 3% month over month and 2% year over year. 40% of the Single Family properties sold/closed in May were under $200,000 and 29% were in the $200,000 to $300,000 price range.
Condo average price, $160,051 for May, increased 1% month over month and 2% year over year. 34% of the Condo properties sold/closed in May were under $90,000 and 61% were under $150,000.
Condo median prices increased 2% to $123,525 in May when compared to April and decreased 9% from $135,000 in May 2010.
Single Family median prices increased 4% to $230,000 in May when compared to April and remained stable when compared to May 2010.
The leading counties for home sales in the Denver market continue to be: Denver, Arapahoe, and Jefferson.
Advice to Sellers:
More and more prospective buyers rate Lifestyle as their top priority. With that being said, the prospective buyer is looking for a home that has everything they want and are not interested in doing renovation/home improvement after the purchase.
Advice to Buyers:
Rental rates continue to increase and availability of rental properties continue to decrease. Denver continues to be a great market for first time home buyers.
Lifestyle rates number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.
You may ask “Does buying really make better sense than renting?” While the answer is personal, you should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that, forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: They want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space and to have control over their space.
Call us and let’s talk about your lifestyle preferences and the benefits of home ownership. Martine 303.898.1866 or Mariel 303.564.1122.
