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June Market Trends Report

Denver housing inventory historically peaks in late summer, but that may not happen if the market continues at its current pace.

From the Denver Metro Association of Realtors:

Homes on the market hit a new record low for the month of May at 5,463 active listings. As reference, the average number of active listings in the month of May is 16,981 (1985-2015). The record high for May was in 2006 with 30,457 listings and the record low in May was 20115 with 5,657. 

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  • See Shakespeare under the stars in the historic Mary Rippon Outdoor Theater or in the newly renovated indoor University Theatre during the summertime favorite Colorado Shakespeare Festival, on the University of Colorado Campus in Boulder. 
  • Japanese culture and heritage come together in a lively celebration every year at the Denver Cherry Blossom Festival June 18-19th.
  • July 2-4 is the Cherry Creek Arts Festival. This annual event is a world-class and award-winning celebration of the visual, culinary and performing arts.

For Sellers: Selling Your Home Before Buying Again 

It would be great if you could hand your keys to the buyer at closing, close escrow on your next home, and get your new keys all at the same time. While it’s possible for closings to go that smoothly, you may need a contingency plan if delays occur to one transaction or the other.

Sometimes the buyer’s home doesn’t close on time, so they can’t close on your home as scheduled. Your builder may not have your home ready for move in by close of escrow. Or, you may sell your home before you’ve found another home to move into.

What can you do? Put a contingency into the contract that you rent back your home after closing for a few days or weeks. Or, ask your real estate professional to help you find a short-term furnished executive rental. There are also commercial executive suites that you can rent by the week or month.

Where will you store your furniture and belongings? Get a safe deposit box at your bank for your most precious valuables and papers. A climate-controlled storage facility can run hundreds of dollars per month, but they’re well worth it in terms of protection. Be sure to get storage insurance for floods, leaks and other water damage. Your moving company may also have short-term storage available.

What about bills? Pay them online or get a post office box.

With a contingency plan, you’ll be more relaxed and flexible. The important thing is not to let delays stop you from selling your home.

 

May Housing Statistics

Competitive Housing Market Drives Housing Prices to All-Time Highs

GREENWOOD VILLAGE, CO – June 3, 2016 –

The latest data from REcolorado, the provider of REcolorado.com, a free home search site for Colorado home buyers, sellers and renters, reveals that home sales prices have reached another all-time high. Sales remained strong as more homes came on the market.   

The sold price of a Denver-area home surpassed the $400,000 mark for the first time ever, reaching an average of $407,662. Home prices in May were up four percent month over month and nine percent as compared to last year. The average sale price of a single family detached home climbed to $448,804, three percent higher than last month, and eight percent higher than a year ago. Condos and townhomes saw price increases as well, reaching $297,930, which is four percent higher than last month and a 14 percent year over year increase.    

Kelly Elizabeth Westergren

Broker Associate, Realtor
Kelly@KellyWestergren.com
303-883-4913
www.kellywestergren.com

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