Dec. 2016 Real Estate Statistics
The real estate market slowed somewhat, as it normally does during the holidays, but it is still a very strong Seller’s Market.
37 days was the average for homes to go under contract in Denver in December. The national market as a whole, homes were taking an average of 62 days.
There is still more demand for houses than there is supply in the Denver metro area. Homes under $400,000 quickly disappear. Some listings were bringing in 20-50 contracts days after going on the market.
Buyers need to be ready to go once they begin their search. They need to have all their information to a lender, their funds in a liquid form and earnest money readily available.
A report from the Denver Metro Association of Realtors showed the fewest number of homes available for sale in metro Denver since they began keeping records which was in 1985. Denver ranked third in the nation, behind San Francisco and Seattle.
The consensus in the real estate market is that this trend will continue into spring and summer. As rumors of rate increases circulate, more buyers will be trying to purchase homes at the lowest rates possible which will fuel the same type of market that we saw in 2016.
How do you navigate the Denver real estate market?
Sellers are definitely in the driver’s seat, but they need to hire an agent with the experience to get all parties to the closing table. If you are a For Sale by Owner person, how would you ever be able to sort through 20 contracts and pick out the best one? There are a number of items to consider before choosing an offer. And, how do you know who is coming to your home to see it? Are they really qualified buyers? Let you Realtor guide you through the process.
Buyers are nervous and frustrated in a seller’s market. You need a Realtor that will be the calmest person in the room. You need someone with tremendous experience and creativity to help you find your dream home.
Please let me guide you through the crazy process. Marilyn Van Steenberg, Owner/Broker, Buyer’s Best Choice Real Estate. 303 947 6252