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NOVEMBER 2011 DECEMBER 2011

WASH PARK CHART

Sales are up from the same month (Dec) the previous year, inventory is down from last month and last year and the days a house is on the market it also dropping.  These are all indicators that we are starting to see an improvement in the Washington Park market.  These statistics are reflecting a Metro area trend which saw December 2011 sales up by 6% over last year.  Our Washington Park numbers would be similar if we had more inventory!   We have many buyers waiting with nothing to look at.

We have not seen inventory this low since 2000.  That is amazing!  Some recent sales that occurred at the end of the year are giving me the feeling that prices are beginning to rise.  However, it is purely subjective at this time and I cannot back it up with facts.  My year end statistics for 2011 show that the market prices finished the year either flat or slightly down.  I think we will see a change in prices shortly but will need more time for that to be reflected in the numbers.

Denver is starting to develop a buzz.  Could it be the Tebow effect?  Who knows.  Click the link below to see what Fox News thinks about our market.  Let’s hope they are right!

http://youtu.be/Y9frmEv-vPA

OCTOBER 2011

WASH PARK CHART

WOW!  LOOK AT THAT DROP IN DAYS ON MARKET!

Inventory continues to shrink and the result is that homes are selling much more quickly than they have for quite some time.    This should result in a reversal of the downward price trend.  We should see appreciation soon.  Homes that sell quickly usually get asking or very close to it.  In the last month I have listed and sold very quickly 1982 S Sherman, 762 S Washington, 1011 E. Exposition and 1455 S. Emerson.  All had multiple offers.  We haven’t seen that in awhile.

The high end remains challenged.  There are currently 11 homes listed for over $1,000,000 and only one sold this month.  Even this market is better, however, as we now have less than a year’s supply of inventory in that range and a couple of years ago we had over a three year supply.  We are seeing improvement but have not shifted over to a seller’s market in that range yet.  In the $300,000-$400,000 range there are 12 homes under contract and there are only 27 in inventory.  That is less than a two month supply.  That is a seller’s market.

If you have a lower end home that you have been putting off selling, now would be the time.  As always, feel free to call me about how this market impacts your own unique situation.

AUGUST 2011 SEPTEMBER 2011

WASH PARK CHART

TIME FLIES

Due to our extreme busyness which resulted in the flying of time, we have lumped the last two months reports into one.  Yes, the market does seem to be improving.  The number of homes sold and under contract have increased over the same months last year.  This has, no doubt, been fueled by the very low interest rates.  Last week they reported to be the lowest since 1951.

We all know that low rates are good but we don’t always realize what they mean to us.  For example, the principal and interest payment on a $400,000 mortgage at 4 % would be $1910.  That is probably lower than rent on this priced house in some parts of town.  The most meaningful figure to me is that only $1333 of that first payment goes toward interest.  That means that $577 of the very first payment goes to principal.  After only 3 years, there will already be over $21,000 in equity.  That should relieve the fears of many that they will be upside down in their houses.  Even if prices never go up, they will have equity.  Yippee!

As always, let us know how we can help you are someone you know with their real estate needs.

Guitarist Anil Shahi

accompanied by Gaurav Basnyat on tabla

Montview Church Miller Center

1980 Dahlia St

Saturday, September 17 from 7:00 – 8:15 p.m.

Montview’s Nepal worktrippers were treated to an inspiring private performance by Anil Shahi, Nepal’s finest contemporary guitar virtuoso, in Kathmandu last fall.  The concert was arranged because of Montview’s work with the Princess Jayanti Heart Trust. Montview member, Dr. Fred Grover, has led teams of cardiac care volunteers to Nepal several times. Through this connection we have arranged to bring this talented young musician to Denver to perform for our community.  All are welcome at this free concert.

January -June 2011 Stats are now available. Click here to access.

JULY 2011

WASH PARK CHART

Think Positive!

The news this month remains positive.  Sales are up slightly from last year and the number of homes under contract is up significantly.  Inventory has increased  only slightly from last month and is down 32% from this time last year.  That is a significant drop.

The other piece of good news this month is that interest rates have continued to decline.  They are now in the low 4% range.  FHA has a 5/1 ARM available at only 3.25% and it only requires a 580 credit score.  It has a 1% annual adjustment cap
that kicks in in the 6th year and a 5% lifetime cap.  That means the rate can’t go above 8.25% and it wouldn’t get there for 10 years.  Not bad. Of course, the borrower still needs a job which remains a problem for some.

As always, let me know how The Bridge Team can help you from here.