Archive for category Real Estate Reports

March 2010 Market Update

Apr 8

Posted by Jim Renshaw in Real Estate Reports | 1 Comment

Megan Aller with Land Title

This special post created by Megan Aller (more on her later).

The extension of the First Time Home Buyer Tax Credit is having a measurable effect on the number of sales reported by Metrolist in March 2010. The Denver Metro Area has seen an 8.1% increase in the number of reported residential sales. Similar to what Metrolist reported prior to the extension of the First Time Home buyer Tax Credit at the end of November we can hope to see significant positive differentials to be reported once the April statistics are reported and posted here at the beginning of May. Ideally with positive differentials we would like to see another increase in number of sales and sales price reported with a decrease in days on market.

What is interesting is the number of active listings are slightly lower in March of 2010 vs. March of 2009. With the increase in sales and decrease in active inventory the absorption rate is decreasing. This decrease is shifting from the balanced/seller’s market to a more stable balanced market between supply and demand of residential property. The absorption rate may drop again if similar market conditions occur as we saw in the reporting of November 2009 sales at the end of the previous First Time Home buyer Tax Credit.

First time home buyers are generally more likely to purchase a condo property type than a detached residential dwelling. The numbers shown by Metrolist this month echo that statement. Similar to what was reported in the November 2009 stats for condo there was a very significant increase of 30% in reported sales. Again, similar to the residential market with inventory slightly decreasing and sales significantly increasing pushed the absorption rate down from a buyers market into a more balanced market.

When this positive shift in both residential and condo are coupled with a decrease in days on market and an increase in sales price will hopefully help to boost seller’s confidence in the Denver Real Estate Market. This comes at a critical point in the seasonality trend for our market since there is a natural tendency for active listing count to rise in the Spring months.

Tags: Denver March 2010 real estate report, Megan Aller with Land Title

Google Map of all Douglas County Sales December 2009

Jan 21

Posted by Jim Renshaw in Real Estate Reports | 3 Comments

Here is a new way to look at real estate sales in Douglas County using Google maps. All sales for December of 2009 are include and by clicking on of the sales you will see sale price and property address. This sold data is from public records.

Please add a comment to this post and let me know what you thing. I’m considering doing this monthly if there is enough interest.

Tags: Douglas County Real Estate

Using the NAR 2009 Homebuyer Study to improve your sales results

Dec 24

Posted by Jim Renshaw in Real Estate Reports | No Comments

When you read reports like the NAR hombuyer study do you just say “interesting” and move on with your day or do you evaluate the reported trends and ask how can this information improve my business. Do you have a plan to work with first time homebuyers (47% of homebuyers last year)? Single females accounted for 21% of home purchases while single men accounted for 10%. One third of homebuyers used the internet first when looking for a home and 94% used the internet to search for homes.

Do you have a plan for next year? If so are you using the best data available to help you make good business decisions?

NAR 2009 Homebuyer Study

The NATIONAL ASSOCIATION OF REALTORS® surveys homebuyers and sellers annually to gather detailed information about the home buying and selling process. These surveys provide information on demographics, housing characteristics and the experience of consumers in the housing market. Buyers and sellers also share information on the role that real estate professionals play in home sales transactions.

Excerpts from the report:

Characteristics of Homebuyers
• Forty-seven percent of recent homebuyers were first-time buyers.
• The typical first-time homebuyer was 30 years old, while the typical repeat buyer was 48 years old.
• The 2008 median household income of buyers was $73,100. The median income was $61,600 among first-time buyers and $88,100 among repeat buyers.
• Twenty-one percent of recent homebuyers were single females, and 10 percent were single males.

Characteristics of Homes Purchased
• New home purchases were at the lowest level in eight years—down to 18 percent of all recent home purchases.
• The typical home purchased was 1,800 square feet in size and was built in 1991.
• Seventy-eight percent of homebuyers purchased a detached single family home.

The Home Search Process
• For more than one-third of home buyers, the first step in the home-buying process was looking online for properties.
• Nine in ten homebuyers and 94 percent used the Internet to search for homes.
• Real estate agents were viewed as a very useful information source by 81 percent of buyers who used an agent while searching for a home.
• Seventy-seven percent of buyers purchased their home through a real estate agent or broker.

Tags: NAR 2009 Homebuyer Study