Kentwood Real Estate – Market News – March 2011
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Compliments of Tom Cryer, SCRP
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Market News
NAR Researcher Downplays Impact of Gasoline prices on Housing Market
Metro Denver Home Sales Strengthen in February as Consumer Confidence Rises. How will rising gasoline prices impact the housing market? Not nearly as much as some people predict, according to Jed Smith, Managing Director of Quantitative Research for the National Association of Realtors. Smith was among the keynote speakers at the March 8th Realtor Rally held at the Colorado Convention Center. While most people are riveted by events in the Middle East that are fueling skyrocketing gas prices, the increases are not here to stay and will not have a dramatic impact on housing, Smith said. After the turmoil subsides, oil prices are going to settle to the $75 to $95 per barrel range, Smith believes. That $20 spread from the low to the high is the sweet spot for the big oil-producing countries, and is where they want to see prices hover. The headline-grabbing revolutions that have created the uncertainty in the markets – and oil prices over $100 per barrel – will be a short-term blip, not a long-term trend, Smith predicted. In other words, sustained high oil prices do not have to be high on your list as far as hurting home sales. Smith said that the three key issues for the housing market are “jobs, jobs, and jobs.” Nationally, the housing market this year will not be a barn-burner, but it will be better than last year, according to Smith. “It will be a slow, normal recovery,” he said, and Denver’s housing market is better than most. The latest Case-Shiller report, which tracks 20 major cities across the country, showed that in 2010, Denver was the best-performing market between the east and west coasts.
Smith said the doomsters predicting the worst is yet to come represent a small minority, and almost every economist who follows the housing market closely believes that most of the country is past the bottom, and will slowly but surely show signs of recovery later this year. The recovery could be sooner than later. A recent report shows the number of homes sold in metro Denver increased in February by 3.4 percent as consumer confidence increased. The number of homes sold in February was still down 8.5 percent compared to February 2010, but the year-over-year decline is largely a result of the first-time homebuyer tax credit expiring last year. February statistics for metro Denver compiled by Kentwood Real Estate show that active listings for single-family homes in February totaled 13,393, compared to 13,714 in January and 14,058 a year ago. Homes under contract in February totaled 2,953 compared to 2,514 in the prior month and 3,459 in February last year. Single-family homes sold in February totaled 1,770, compared to 1,724 in January and 1,913 a year ago.
Active condominium listings in February totaled 3,965 compared to 4,176 in January and 4,811 in February 2010. Condos under contract totaled 740 in February, 633 the prior month, and 955 last year. Condominiums sold in February totaled 459 compared to 432 in January and 523 in February last year. The real estate industry’s prime season is just around the corner and inventory remains stable, so now is a good time to list your home and begin your search for a new one.
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| Residential Market Data |
| February 2011 |
This Month |
Prior Month |
Year Ago |
| Active |
13,393 |
13,714 |
14,058 |
| Under Contract |
2,953 |
2,514 |
3,459 |
| Sold |
1,770 |
1,724 |
1,913 |
| Average Sold Price |
$265,277 |
$277,922 |
$269,688 |
| Months Supply |
7.6 |
7.95 |
7.4 |
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| Condominium Market Data |
| February 2011 |
This Month |
Prior Month |
Year Ago |
| Active |
3,965 |
4,176 |
4,811 |
| Under Contract |
740 |
633 |
955 |
| Sold |
459 |
432 |
523 |
| Average Sold Price |
$155,656 |
$150,085 |
$166,206 |
| Months Supply |
8.6 |
9.67 |
9.19 |
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| *Based on information from Metrolist, Inc. for the Denver housing market for the period 2/1/11 to 2/28/11. This representation is based in whole or in part on content supplied by Metrolist, Inc. |
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Spring Is Just Around the Corner
Here?s a quick recap of 2011 so far:
Dee?s lacrosse season has begun with 4 nice wins right out of the shoot. She has a great assistant coach. Caroline is assisting Dee. The two of them can talk lacrosse longer and deeper into the night than any two.
William is entrenched in his career at Ernst & Young. He loves his work so much that he went out and bought himself a new car. New to him that is? Being a Landie Guy, he picked up an ?08 LR3 Land Rover. First trip, Las Vegas go figure?
Andrew just returned from a fabulous spring break in Jackson Hole. He loves his skiing and has really put some time in on the boards so far this winter.
I?m really seeing this market come to life. Granted, this new life has been spurred by a new price paradigm across our market, but buyers that have been sitting on the sidelines for months and years even are now making buy decisions and sellers have finally decided it?s time to move up. So, we are getting some traction in spite of what?s happening in the world around us. As always, I?m never too busy for any of your referrals, and thank you for the ones I?ve received already this year!
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8277 LODGEPOLE TRL LONE TREE, CO 80124
A beautiful home on a private site with a wonderful list of upgrades and updating. Let’s start on the main level which is entirely finished with freshly finished hardwoods except for the laundry room. A relevant paint scheme enhances the overall appeal and first impression. Add the basement finish which offers a complete guest suite, recreation/media room, wet bar, garden level windows, work space and storage. Upstairs the bridge open to the foyer and voluminous family room segregates a wonderful master suite from the secondary bedrooms. This is a floor plan featuring that sought after Kitchen/Noon/Family configuration. It is worth your time for a visit. You will not be disappointed!Price improved to $430,000!
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9159 SCENIC PINE DR. PARKER, CO 80134
Check YouTube for a colorful walking tour in The Timbers. This is a superb Telluride Blt. custom home. It has fantastic interior volume with dramatic cathedral ceilings. It has 5 bedroom suites including a walkout level guest suite. Price improved to $975,000!
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Tom Cryer, SCRP
Realtor – Broker Associate
The Kentwood Company
5690 DTC Blvd. #600W
Greenwood Village, CO 80111
303.773.3399 Ext: 299 (Office)
800.723.7653 (Toll Free)
303.638.3202 (Cell)
Email
Website
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If your home is currently listed, please disregard this notice as it is not our intention to solicit other brokers listings. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any wrong information.
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MyTownCryer 