Month over Month/Year over Year/Denver Market Update 8-2014

Supply vs. Demand

Supply vs. Demand

The traditional prime “selling season” is wrapping up – yet the pent-up demand for housing remains very strong and does not appear to be cooling off as we head into fall.

Unfortunately, with only three weeks of inventory in the $100,000 to $300,000 price ranges –which typically represents the first-time buyer market – finding enough to choose from continues to be a major challenge for buyers & brokers alike.

The Median and Average SOLD prices for Single Family Homes remained unchanged from June.

The Condo market saw a slight uptick in Median price, while the average price remained unchanged during that same period.

Interest rates remained stable in July – hovering in the low-to mid 4% range for a 30-year fixed loan.

First-time home buyers are lining up to get into the market and new household formations are happening.

Our month-over-month market comparison of Single Family Homes showed a sharp drop in actual sales for all price points except the luxury market from the $1,000,000 to $1,999,999 range which saw a 15.7% spike from the previous month. The Condo market showed improvement in the number of sales in the $200,000 to $299,999 and $400,000 to $499,999 ranges respectively.

Our year-over-year market comparison of Single Family Homes showed significant drops in actual SOLD properties from $0 to $299,999, but improvements across the board over $300,000 and an astounding 17% rise in properties over $2,000,000. The Condo market showed improvement in the number of SOLD units in every price range – in particular the $500,000 to $699,999 range where SOLD units have skyrocketed 161% year-over-year. The exception to the strong condo market is in the under $99,999 range, but that can be attributed to the fact that prices are increasing, and therefore it’s becoming more and more challenging to find condos in this price range.

About Tom & Dee Cryer

Your Trusted Advisors in the Homeownership Business!
This entry was posted in 2010 Mid Year Denver Market Watch, Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Residential Real Estate, Greenwood Village. Bookmark the permalink.

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