Denver Real Estate Market January 2017 – And just like that, here we are already into late January as 2017 is well under way. Let me begin by saying that I hope everyone had a great holiday season with family and friends, and I hope this update finds everyone doing great so far! It’s hard to believe it was late October the last time I did one of these, but back into the swing of things we go. Let’s jump into this month’s update and see what has been happening in the Denver market since our last communication:
Denver Metro Area Home Report: December
If you recall from my last update in October, active listings were hovering around 7,599 homes available in the Denver market as of the end of September. As of December 31st, that number was sitting at 4,263 active listings representing a 43.9% decrease in that 3 month time span. We all know there is always a seasonal decrease during the holiday months, but here are some interesting facts about these figures:
- 4,263 in active listings with the Denver market for the month of December represents an all-time low beating the record low of 4,355 homes in 2014
- The record high for the month of December for active listings was set in 2007, when we saw 24,603 homes for sale
- The average for active listings available in the month of December (1985-2016) sits around 13,702 active listings, so we are still well below historical norms
- 65% of the current active inventory represents homes valued at $400k and higher, so the sweet spot for many people with affordability still remains at the $350k and lower price range
- 91,726 people moved into Colorado last year, representing an average of 7,643 people moving here per month. This number has diminished some from when I wrote about this last year when we had an influx of over 110,000 people move here in 2015
What should take away from this data? We are still clearly experiencing a shortage of housing for the overall Denver market especially with a steady influx of people moving into the State, although that has started to diminish some. New construction should continue to march along for the foreseeable future, and if you are thinking about selling your home this could be an ideal time to put a game plan into place as interest rates are expected to steadily increase over the coming months/years. I have started to see some new home builders take contingency deals, to where 12-24 months ago they wouldn’t have even considered one. The higher end market has definitely cooled, but as I hinted at above the sweet spot for many buyers still remains in the $350k and lower price range and should remain active as we head into the Spring.
Maintain Realistic Price Expectations when Selling: As I was reviewing some listings that have expired or have withdrawn over the last couple of months, it was amazing for me to see the really big price reductions in the higher end market, which are homes valued at $500k or higher. In many cases, I was seeing price reductions of $100k-$200k depending on the price point of the home and the location. The point I want to make here is if or when you do decide to sell, it is extremely important that you keep realistic price expectations with the sale of your home, because your home is ultimately worth what someone is willing to pay for it. Having the home ready to sell, having it staged appropriately, and most importantly how it is marketed are all very important things to consider when selling, especially in the higher end market. ALWAYS remember the three things that will determine the successful sale of a home; location, condition, and price.
Coming Soon Listings:
Make sure and visit the site on occasion that will feature Upcoming and Active listings. Here are the ones in the queue so far, and if there is any interest in any of these please feel free to reach out and I’ll be more than happy to discuss these with you:
- 7938 Nile Court in Arvada – 6 bed/5 bath with 4,400+ total square feet. This property features a corner lot in a cul-de-sac in a GREAT part of Arvada. Schools, location, and absolute all around spacious home feel will make this one a keeper! Also features a 5 car (3 car attached, 2 car detached) garage, finished basement, lush landscaping w/ water feature, outdoor basketball court, huge deck space for entertaining, and much more.
- 13515 Albion Circle in Thornton – 3 bed/3 bath with over 1,900+ total square feet. This home is located in the Parkridge Villages sub-division off of 136th and Colorado. With properties going quick in this price range and area, this one won’t last long. This one should be ready in the February/March timeframe.
- 11643 Shoshone Way in Westminster – 4 bed/5 bath with over 5,200+ total square feet. This golf course community property is within walking distance to the newly remodeled Ranch Country Club and #1 tee box. Location, open floor plan, mother-in-law suite, and much more make this property a great one in the Westminster area.
- 540 S. Forest Street / Unit E in Denver – 4 bed/4 bath with 2,900+ total square feet. This beautifully remodeled home is located very close to Cherry Creek in Glendale. The floor plan has been opened up with tastefully updated features throughout the home, very close to shopping and retail outlets, and plenty of amenities to go along with it. More to come as we get closer to listing this amazing property in late summer of 2017!
Here is a link to the Featured Properties page: http://fullerhomeoptions.com/featured-properties-for-sale-denver-real-estate-market/
Property Searches: If you have any interest in looking to see what is available in the Denver market, don’t forget to use the MLS property search feature we have set up on the website at: http://fullerhomeoptions.com/property-search/
Feel free to go in and play around with it and as always reach out if you should have any questions!
Quarterly Client Events: We recently had a great time with our wine tasting event held at the Ranch Country Club last Wednesday on January 18th. We will be trying to more of these client appreciation events on a quarterly basis, so make sure and keep your eyes peeled for invites as we will try to make these fun for everyone involved. These events will also be a great opportunity to introduce us to someone you might know that would have interest in our services.
That should do it for this update. As always, if you or anyone you know should have any real estate needs, please consider using us as a resource as your business is GREATLY appreciated!