Adams county showed a slight decrease in both asking and selling prices as winter set in at the end of 2011. The average sales price of the 458 active homes in Adams county this December was $251,121. The average price of the 189 homes sold dipped to $183,176. A decrease in inventory made this a seller's market with 2.4 months of inventory! It took about three months (96 days) for the average home to get under contract. The number of short sales appears to be decreasing for the days on market to shorten. Looking at what happened to prices, buyers still chose the properties they thought gave them the best value.
Moving into 2012, demand is rather flat and supply remains seasonally low. This lower supply tips the sales again in favor of those selling. Regular homeowners continue to have to compete with short sales and foreclosures, although at a lower number than a couple of years ago. These are signs that the market is bobbing near the bottom.
In 2011 the real estate market stabilized as neighborhoods across the Metro area continued to hit bottom and start the rebound. Some neighborhoods hit earliest by the foreclosures are the ones where prices actually edged up in 2011. Hunters Glen, Lambertson Lakes, Hunters Glen, Fronterra and Todd Creek showed increases in prices in the 4th quarter of 2011.
The market is showing healthy signs of healing. The inventory of available homes is small and a steady demand means that we've moved from a balanced market (around 5-6 months of inventory with 12 months of inventory for the priciest homes in 2011) to slightly favor the sellers again (around 3-5 months of inventory average with the priciest home prices having a balanced 6 months of inventory) in January 2012.
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 a January. 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.
