For Arapahoe county, 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. Oak Brook, Orchard Ridge, Aurora Knolls, and Saddle Rock 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: With new civic center buildings, a strong library system, and strong parks and recreation services, the city of Aurora has much to offer for quality of life. Both the Fitzsimmons Health Sciences Center and Buckley Air Force Base have been centers of recent growth and activity.
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.
