In the second week of January, Metrolist released the year-end numbers for Denver Real Estate in 2012. It looks as though it was a fantastic year for buyers, sellers and, yes agents. Here are a few quick stats:
1) There were 6,366 single-family homes for sale at the end of the year. That’s down by almost 30% from 2011. It’s hard to express how few homes are for sale. The 6,000 figure represents a historic low.
2) There were 45,410 homes that went under contract in 2012 of which 37,164 were sold. That’s up by 18% from 2011. The average sold price was $304,178 and that was up by 9% from last year.
3) The average days on market for all price ranges were 77 days. That’s down by 27% from 2011.
4) At year’s end, there were only 1,340 condos for sale. That’s down by 37% from 2011. The average days on market were 77, down by 34% from last year. The average sale price was $179,616, which is up by 13%.
5) A total of almost 13 Billion Dollars in total volume was sold between single family homes and condos in 2012.
Home inventory started a downtrend in March of 2011 and it continued all through 2012. While prices did rise in most bandwidths, home affordability is still great due in part to low mortgage rates. For the first time in four years, sellers saw multiple offers in 2012 and buyers were caught by surprise, as they needed to compete for the best listings.
Luxury homes also had a great year. A total of 670 homes over $1 million were sold in 2012 as compared to 502 in 2011. Luxury inventory was down by as much as 47% in 2012. Luxury homes accounted for $1.1 billion of the total $13 billion sold last year.
In summary, home prices rose all across the Denver Metro Area and surrounding suburbs for all price ranges. Economists are predicting another good year for 2013 with a 7% increase in prices.
If you are thinking about buying or selling a home in 2013, make sure that you speak with us at the Colorado Dream House Team. Each type of market has its own nuances and strategies. You need real professionals working on your behalf and representing your best interests.
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