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June Quick Stats
Denver Metro Single Family Housing Stats:
Active Listings: 9,074
- Down 36% from June ‘11
Under Contracts: 4,330
- Up 13% from June ‘11
Solds: 3,981
- Up 21% from June ‘11
Average Price: $324,497
- Up 11% from June ‘11
Average Days on Market: 71
- Down 28% from June ‘11
Denver Metro Condo Housing Stats:
Active Listings: 1,851
- Down 51% from June ‘11
Under Contracts: 1,033
- Up 11% from June ‘11
Solds: 923
- Up 18% from June ‘11
Average Price: $181,578
- Up 15% from June ‘11
Average Days on Market: 74
- Down 41% from June ‘11
Real Estate News
Something incredible just happened and not many people know about it. The metro Denver real estate market has come ROARING back but the mass media has missed the boat and is just beginning to get wind of it. Consider these facts:
The inventory of homes for sale is down 36% in the past 12 months.
The number of sold homes is up 21% in the past 12 months.
The average Days on Market is down 28% in the past 12 months.
The average price of a home is up 11% in the past 12 months.
An amazing turnaround has occurred in our market so let’s take a look at historical home prices to highlight the fact. There has been a stunning rise in prices starting in February of this year and continuing through today. In February home prices were at the high end of prices over the past four years, but well below the highs of 2006 and 2007. Starting in March homes prices began leaping upward and have not stopped since. Today, prices are just under the all-time highs of 2006 and 2007. This is what a recovery looks like!
Here are some great recent articles about the state of the real estate market:
The U.S. Housing Bust Is Over – The Wall Street Journal
Denver-area home prices rising faster than rest of country – Denver Business Journal
Denver real estate numbers continue to show growth – The Denver Post
Analyst: Denver housing market on the upswing – 9 News
Denver housing market up 20-percent from a year ago – Fox 31 Denver
Denver Real Estate Market Continues to Sizzle – The Wall Street Journal Market Watch
After Years of False Hopes, Signs of a Turn in Housing – The New York Times
Some US metros ’in the clear’ of housing crisis – NBC News
Mortgage News
Lately it seems like I have the same mortgage news for you every month: “Rates are at historic lows!” This month I still have that same message: “Rates are at ALL-TIME lows!” but now I really am beginning to wonder “how low can they go?” For qualified buyers I’m seeing FHA loans close with rates of 3.5% fixed for 30 years, Conventional loans are closing with rates as low as 3.75% fixed for 30 years and finally investor loans are closing with rates as low as 4.0% fixed for 30 years. Interest rates this low truly are UNPRECEDENTED and my clients are getting amazing loans on purchases and refinance loans right now.
If you have been thinking about refinancing your home or moving up and buying a bigger home, it may be a great time to do it. Please feel free to give me a call and I’ll do a free property analysis to help estimate the value of your home and then I’ll get you in touch with my mortgage lender to get you hard numbers about your options for a new mortgage.