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Denver housing market second in nation for quick sales

By Steve Raabe The Denver Post The Denver Post

New advice from the trenches on buying a home: Look early. Think fast. Hone your quick-draw skills with the checkbook. Metro Denver's real estate market, not long ago a buyer's domain, suddenly has shifted to a seller's paradise, at least in some neighborhoods and price ranges. (Example, we just put a property in Piney Creek under contract in two weeks)

Realtors' offices are rife with fresh anecdotes of sellers happily cherry-picking from multiple offers — some of them above the asking price. How fast is the market moving? A new report shows that Denver is No. 2 in the nation for the shortest length of time that a home is listed before being sold — 33 days — far below the national median of 89 days.

Until recently, prospective buyer Patty Kupfer had viewed shopping for a home as a weekend diversion. You know, tell your broker that you're available, say, from 2 to 4 p.m. on Saturday.

Hah!

"There's no such thing anymore as a weekend home tour," Kupfer said this week. "Because if you wait till the weekend, nothing's going to be there. If you're just looking casually, you're not really in the market." Kupfer, managing director of a non-profit immigration-reform organization, said she has adjusted her approach in the face of vigorous competition from other buyers. "Every house I've looked at has gone under contract within 48 hours," she said. "This has forced me to be more serious about it. The very next house that seems like a good fit, we're going to visit it that very day (it's first listed)."

In recent months, buyer demand has surged and the number of homes for sale in metro Denver has dropped sharply. Unsold homes on the market totaled 10,325 at the end of March, a 42% drop from March 2011. The result is that for some neighborhoods and some price ranges, homes are in short supply and selling fast.

In particularly high demand are homes priced from $250,000 to $400,000 and in central Denver neighborhoods such as Park Hill, Congress Park, Curtis Park, Mayfair and the Highlands.

Even though metro Denver homes have shown only marginal price appreciation so far this year, realty analysts say strong demand and multiple offers could soon push values higher in lower to moderate price ranges. One factor that makes price predictions difficult is foreclosures.

Lenders hold an estimated 1,650 foreclosed properties in metro Denver that haven't been put on the market. As the market strengthens, more foreclosures will be listed for sale, which in turn could slow down price appreciation.

Sellers of homes listed for more than $500,000 generally aren't enjoying the market heat. "Once you move above $500K, inventory widens dramatically and prices are still down, and arguably falling," Elsewhere, inventories are low and urgency among buyers is high.

Joshua Kurdys and Ileana Sadin, recent arrivals to Denver from State College, Pa., found the Denver market to be an exercise in frustration. "You'd go out and see five or 10 houses, and the one house that was decent would be snatched up immediately" by other buyers, Kurdys said.

After several failed offers in central Denver neighborhoods, the couple decided to expand their geographic parameters, accelerate their pace and be willing to bid higher.

"It was very apparent that if we didn't make an offer at very close to asking price, we weren't going to get it," Kurdys said. The strategy worked. They recently targeted a newly listed home in Curtis Park, made a 9 a.m. appointment to see it and submitted an almost full-price offer the same day. They now have it under contract. What can be a frustrating endeavor for buyers is a pleasant relief for sellers.

Connie Ulrich was anticipating the worst in attempting to sell her three-bedroom home in the Northbrook subdivision of Thornton. But within a month of listing the home, she'd had 34 showings. "We had so many showings, it was just insane," she said. "I never expected it to be so busy." Listed at $254,000, the home now is under contact for $256,000. "There is a shortage of good product, "If it's priced right and shows well, it is selling."

Please refer us when you're talking real estate and we promise to take care of your friends like we did you!!

Mark Cooper
Coldwell Banker Southeast Metro at DTC
8490 E CRESCENT Pkwy Ste 100
Greenwood Village, CO 80111

mark@come2colorado.com
www.facebook.com/MarkCooperRealEstatePage
www.YouTube.com/user/come2colorado/
www.come2colorado.com
303-843-1545

One word describes the real estate the metro Denver home sales report for March: “up.”

Inventory is up. Activity is up, with more sales and more contracts being written. And prices are up.

“On a percentage change basis, for March’s month-over-month, this is the second best report in all the records that I have going back to 1985,” said, a Metrolist analyst and board member.

The inventory of homes for sale rose 2 percent in March from February, to 10,325 homes. That number is still a little low heading into the heavy spring buying season, Bauer said, but should increase by an estimated 20 percent in April. The March inventory was 42 percent lower than the number of homes for sale in March 2011.

Buyers put contracts on 5,328 homes in March, a 28 percent increase from the prior month and a 49 percent increase from March 2011.

Year to date, there were 12,964 homes and condos put under contract, a 25 percent increase from the year-to-date number at the end of March 2011.

The amount of closings jumped 39 percent from February to March’s 3,475. That’s also an 8 percent year-over-year increase. Year to date, there were 8,440 units sold, an 11 percent increase over 2011’s year-to-date numbers and a slight 1 percent increase over the number of homes sold by this time in 2010.

The under-contract and sold numbers are through the roof. Pricing has gone up, like we expected. Things are looking pretty good. The affordability factor is the best its ever been.

Average sales price for condos and residential homes went up to $259,422, a 5 percent hike from February’s average price and a 4 percent jump from the average price in March 2011, $249,644.

We’re a month away from the prime [sales] season, so this is a good barometer right now.

Mark Cooper
Coldwell Banker Southeast Metro at DTC
8490 E CRESCENT Pkwy Ste 100
Greenwood Village, CO 80111

mark@come2colorado.com
www.facebook.com/MarkCooperRealEstatePage
www.YouTube.com/user/come2colorado/
www.come2colorado.com
303-843-1545

CLICK HERE TO CHECK OUT MY BLOG ON THE DENVER BRONCOS TO SEE THE FRIENDLY WAGER I HAD WITH A FORMER PITTSBURG STEELER!

HAVE A GREAT WEEKEND!

Mark Cooper
Coldwell Banker Southeast Metro at DTC
8490 E CRESCENT Pkwy Ste 100
Greenwood Village, CO 80111

mark@come2colorado.com
www.facebook.com/MarkCooperRealEstatePage
www.YouTube.com/user/come2colorado/
www.come2colorado.com
303-843-1545

Hi Everyone!!!

Happy Halloween!!

Take a look at the attached chart.  Inventory has been steadily declining. 15533 homes and condos this month, this year versus 25813 this month, last year??  So consider the trend.  Talking to the foreclosure folks around town, right now there aren’t a lot of foreclosures being released.

So if you're thinking of putting your home on the market, this a great time.  Some folks say "Never during the Holidays"  I say "look at the numbers" yes you may have fewer showings, as showings have been a little slow, BUT the buyers that are out there, are serious buyers.  I have two relocation buyers coming in over the next three months and they are going to buy.

Also, call me about the new plan the President is rolling out to re-fi folks.  It has a lot of caveats and Nancy (my wife) can explain as she's a licensed mortgage broker and we are getting more data daily about the program.

And check out one of our newest listings!!

$271,900.00
1489 Steele Street #303

Mark Cooper
Coldwell Banker Southeast Metro at DTC
8490 E CRESCENT Pkwy Ste 100
Greenwood Village, CO 80111

mark@come2colorado.com
www.facebook.com/MarkCooperRealEstatePage
www.YouTube.com/user/come2colorado/
www.come2colorado.com
303-843-1545