This second quarter is much like first quarter, low inventory and constant demand make it a seller's market. Remember any MOI (months of inventory) less than 6 is a seller's market. DOM is days on market. The average sales price is compared to a year ago in 2011. Here's sales data for some of the cities in Adams county: Arvada: 3.1 MOI; 91 DOM; avg sold price $253K, -3% Aurora: 2.0 MOI; 97 DOM; avg sales price $191K, -1% Brighton: 3.2 MOI; 116 DOM; avg sales price $213K, -1% Commerce City: 1.9 MOI; 98 DOM; avg sales price $156K, -1.7% Northglenn: 1.4 MOI; 85 DOM; avg sales price $154K; -1.6% Thornton: 2.2 MOI; 90 DOM; avg sales price $200K; -6% Westminster: 2.5 MOI; 99 DOM; avg sales price $237K; -2% Wheat Ridge: 2.7 MOI; 106 DOM; avg sales price $219K, +1%
If you're looking for a home, you don't have lots to choose from and have to compete with the investors for your primary residence. Many buyers are waiting to find the right home at a fair price, and won't settle for an overpriced fixer upper.
If you're selling a home, you should have much activity-more than usual for Spring. If your home is priced right, you should be under contract soon. If you have no offers, or worse, no showings, the savvy buyers are not considering your home because of price. Be aware!
This is a GREAT TIME FOR INVESTORS AND MOVE UP BUYERS.
P.S. Do you want the latest? For video real estate and mortgage news check out http://realtytimes.com/REUv/BethBakerOwens
Location Characteristics: Adams County is found in the north of the Denver Metro area. Brighton, once a farm town, is the county seat. The area includes a variety from rural areas to small towns to master planned communities to established suburban neighborhoods. Look for Brighton, Thornton, Commerce City, Northglenn, Federal Heights, Westminister and part of Arvada in Adams County.
About Beth Baker Owens:
SELLERS: consider improving your home while waiting for the market to go back up. Ask me for a 'Get Ready, Get Set' report to focus your efforts for the best return when you put your home back on the market. We track what's happening and can show you what's new in your neighborhood.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
