March sales data for the Front Range continues to show strength in the local real estate market.  Supply of homes continues to decrease.  The number of “actives” on the market is down 35% from this time last year, and even down over last month.   Demand is also up over last year (and last month) as indicated by the increase in the percentage sold and under contract.

The number of “pending” sales is down.  In Metrolist (the Denver-area MLS, and source for this data), the “Pending” category is usually reserved to indicate a sales contract that has been accepted, but is awaiting signatures or requires third party approval.  “Pending” might indicate a verbal agreement, but not signature on a bank-owned property.  “Pending” would also indicate a property that is awaiting a lender’s approval for a short sale.

The percentage of Pending properties has decreased since February, and since this time last year.  This could be an indication that there are fewer distressed sales since this time last year (fewer lender-owned and shortsales).

Days on Market (DOM) is down.  Days on Market is the number of days between the listing date and the date the listing goes under contract.  On average, homes are selling nearly 35% faster than this time last year.  Sold prices continue to climb.  For all Single Family homes, the average sold price is up nearly 14% over last year.

What does all this mean for you?

BUYERS:  If you are thinking of buying, don’t wait too long.  Prices are rising, and have been rising nearly every month for the last year.  Be prepared to act when you see a house that will work for you.  There is a lot of competition for homes in this market (there are fewer of them,  and what is there gets snatched up quickly) so be prepared by being pre-approved for a loan before you go out looking.  Being pre-approved will make your offer appear stronger to a seller, and will increase your chances of getting the home.

SELLERS:  If you are selling, be prepared for a relatively quick offer.  Overall, the stats indicate that you should be under contract within 60 days or so.  However, depending on the price range you are in, it could be much faster than that.  Once under contract, expect to close the sale within 30-45 days.

If you have any questions about the market and how it will affect your home buying/selling experience, feel free to  contact me with any questions, using the form below.

* This information is based on information from Metrolist, Inc. for the period (03/01/13) through (03/31/13). Note: This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market.

The housing market in the Denver Metro Area is still going strong!  The supply of homes for sale is down over this time last year by about 33%.  Demand is up (homes are selling in about ¾ of the time it took last year).  As expected when there is less supply and higher demand, sold prices are also up (11% over this time last year)!

For Sellers this is great news, as the trend means homes continue to re-coup some of the equity they lost after the mortgage crisis of 2007-2008.

For Buyers, the stats indicate that getting a home under contract is getting to be a bit more challenging.  Since there is less supply, there will be more competition among buyers for the homes that are available. And the “good ones” (and even some not so good ones) will be snatched up by those buyers who are ready to place an offer quickly, and those who have their financing in order.

 If you are thinking of selling your home, contact me!  I will give you a free market analysis and customized staging tips to help you determine the best price for the current market and help you get your home sold as quickly as possible!

If you are thinking of buying, I can help you get prequalified with a reputable and knowledgeable lender, so that when we find your perfect home, you will be able to make a strong offer, with the highest chance of getting the home you want- at the right price!  And please, take advantage of my offer to have your own free, automated, customized search results delivered to your email box each morning!  No need to spend time searching on your own and sifting through the same listings day after day!  Check out the “Search for Properties” Tab at the top of this page for more information!  Or contact me using the form below for a confidential consultation!