Jenny Morrissette – your best resource for South Metro Denver real estate – here with a market update. Click the image above for the video version. Here are the highlights:
- Governor Hickenlooper signed HB 1279 which changes the rules of lawsuits so that condo associations must now have a majority vote of owners to take legal action against builders and developers for construction defects. In the past, the fact that it was easier to sue had the unintended effect of making it hard for builders and developers to get insurance to build new condo developments. Condos are some of the most affordable ways for people to get into the real estate market and purchase their first home, but they currently account for only 20% of inventory. The hope is that the new law will make it more attractive for developers to build condos in the Denver area.
- Average active listings for May is 16,296. The total number of listings in the Denver metro area for May 2017 was 5,895. That’s only 36% of average…which means the Denver area is still very much a seller’s market.
- Of the available listings, only 41% have listing prices below $500,000. This means it continues to be a competitive market and buyers need to be prepared.
- For May 2017, a total of 5,320 homes sold in the Denver area. Average sold price was just shy of $450,000. Average sold price can be skewed upward by sales of very pricy homes (think $1,000,000 and up), so I tend to look more at the median sold price to see what’s happening in the market for my buyers. Median sold price in the Denver metro area in May for single-family (detached) homes was $418,000.
- If you look at “Close Price/List Price” in the tables above, you’ll see that homes in all categories are tending to sell for slightly more than list price. However, I am seeing some homes selling for less than asking and a few that have done price reductions. I believe most of these were likely priced incorrectly from the start, which shows that as a seller it’s still important to price your property correctly.
Other than that, some things I’m looking forward to in the coming weeks;
- My client appreciation party on June 25 at Cook Park in Denver — we will have games, food, a face painter and some great giveaways! Hope to see you there!
- Colorado symphony is performing at Red Rocks June 29th — two of my favorite things!
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