OCTOBER 2015 MARKET UPDATE

From Boulder to Denver and (almost) everywhere in between, the numbers are very consistent in showing pent-up demand for homes in a market limited by inventory. Great for sellers; not so great for buyers. There are a few tricks to buying a home in this market and not overpaying. Just know that I can walk you through those tricks of my trade.

Single Family Homes – October 2015 compared to October 2014 (see more in-depth stats for Denver Metro below)

                                         Boulder County    Denver Metro
Inventory:                 -29.6%                   +10%
Days on Market:   -15.8%                   -30%

Boulder: Inventory across all home types is down nearly one third, and with the new listings looking pretty stable compared to last year, the inventory will stay pretty low. The big indicators continue to be the prices at listing and sale and Days on Market. Homes are selling for nearly 20% more than they did a year ago at a higher list price, in record speed.

Denver: Inventory has bounced back from earlier this year. We’re actually up 10% in listing inventory for single-family homes and 2.2% for condos & townhomes compared to this time last year. Denver Metro might be finding some balance, but it’s still a strong seller’s market. Inventory is active for only one month, for all home types and price ranges. Average prices are on the upswing, and the time on market is significantly decreasing.

Very important: Interest rate hikes are expected before year end. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Based on this expectation, housing activity should stay steady through the holiday months. There are many encouraging notes about the current market, and buyers/sellers should complete transactions before 2016.

So if you are selling, I’ll get you the absolute most a buyer will pay in one weekend – all the way through closing. Over the last two years, my sellers receive 104% of their asking price and 10 offers on average. Call me anytime at The Galvis Group office in Louisville 720-441-4815.

Oct mkt

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