Shrinking Denver Housing Inventory

Shrinking Denver Housing Inventory

So you have been thinking about buying a home or selling a home? 

Take a look at this… The inventory of homes for sale in metro Denver was down 10 percent in October from September and down 23 percent compared with October 2013, Metrolist reported last week.  Furthermore, last month, there were 8,041 homes for sale, down from 10,376 homes in October 2013.
However, after two consecutive months of decreases, October brought an increase in the average sale price for single-family homes.

The average price in October was $323,750, up 1 percent from September and up 7 percent year over year from $303,328 in October 2013, Metrolist said.
"With inventory levels remaining tight in October, the market stayed nearly as competitive as it was during the summer," Metrolist president and CEO Kirby Slunaker said in a statement. "Home prices climbed a bit, and days on the market remained low, indicating continued demand."  But homes moved quickly in October, remaining on the market an average of 34 days, compared with 45 days a year earlier.

So what does all this mean to you? 

If you are a seller- now is a great time to sell.  With a limited inventory, your home has the potential to attract more buyer than in a high inventory market.  Thus creating a higher demand for your home, which nets you more money.  Potential multiple offer situations still exist and are very common in the Denver area.  Additionally, waiting until the spring to get your home on the market is too late.  There will be so much more competition for buyers with an increase in the number of homes on the market, that you can end up missing out on buyers.  Ask yourself will your home help other homes in the area sell or will yours be one to sell?

If you are a buyer- are you looking for a deal?  Then now is the time to buy.  Wait back up a second, are you thinking to yourself…didn’t I just say that now is a good time to sell?    It is a great time to sell, but also buy, and here is why…            
1.     Interest Rates….right now buyers are on borrowed time.  Money is becoming more expensive.  With the mid term elections having just been completed, historically interest rates being to rise shortly after those elections, which means money becomes more expensive.
2.     Motivation- with the winter and holidays- right now- if a home is on the market it is because it has to sell.  Take advantage of that motivation.  The luxury of waiting for a strong offer is not always there.
3.     Cost- with increasing rates, thus money getting more expensive, paired with the fact that waiting only means more buyers will be in the buyer pool…ask yourself if you are willing to wait a few months to pay $25,000 and up extra for the same house you can buy today, at current prices.  

Curious what your home is worth?  Use our FREE online valuation tool Click Here!    
Michael Kane is a Broker Associate at Keller Williams. He is a member of the Carr Peck & Associates team that is recognized locally and nationally as in expert in real estate. Locally he is a member of the Denver Metro Association of Realtors.  Nothing brings him more joy than making his client’s dreams become a reality!  For more information feel free to contact him or call 303-717-9284.  
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Phone: 720-446-6301
Dated: November 10th 2014
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