2013 Year-End Micro Market Results Are In. What You Need To Know.

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2013 Year-End Micro Market Results Are In. What You Need To Know.

Fuller Sotheby’s International Realty (FSIR), a continued leader in Colorado real estate, released its 2013 Year-End Micro Market Reports last week, revealing strength in the Denver metro housing market across all statistical segments.

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In the six-county Denver metro region, average home prices rose by nearly 10 percent, while average days on market continued to dwindle, down 33 percent from 2012. “The story here is supply and demand. In just one year average home prices have increased by 10 percent metro-wide since 2012,” says Steve Blank, managing broker, Fuller Sotheby’s International Realty downtown office. “Sold price compared to original list price has gone from 97 percent in 2012 which was the first positive year after the recession, to 98.5 percent in 2013. The continued year-over-year value increases demonstrate the strong reflection of homebuyer confidence. Overall, a great indicator for more of the same potential in 2014.”

AVERAGE HOME PRICES
Country Club saw the highest jump in average home price, up 62 percent with 29 sales over 2012. Washington Park East rose 38 percent with 151 sales, while the Bonnie Brae/Belcaro area saw average home prices spike by 26.8 percent with 90 sales.

SOLD PRICE TO ORIGINAL LIST PRICE
Neighborhoods like City Park and City Park South gained the highest sold price to original list price ratio at 99.5 percent with an average price value of $345,000. Others like Stapleton (99.45 %), Southglenn (99.4 %) and Washington Park East (99.35 %) followed suit, with average price values ranging from $309,000 to $784,000.

PROPERTIES SOLD & AVERAGE DAYS ON MARKET
55,854 properties sold in 2013, a 59 percent gain over 2012. Homes are selling 33% faster in the Denver metro overall, dropping from 79 average days in 2012, to 53 days in 2013.

“Realizing an increase of such proportion, begs the question how and why? Essentially,
the economic laws of supply and demand provided the stage for sellers wanting or needing to sell, while buyers were determined to satisfy their changing housing needs and taking advantage of low interest rates. With Denver area values rising over 20% during the past two years, sellers have “rediscovered equity” in their homes, allowing them to uncover down payment money and move forward with new housing plans,” says Blank. The current real estate climate offers an optimistic spirit for 2014, which will bring buyers and sellers together on more transactions, in a more balanced market with higher inventory levels, and attractive interest rates that we anticipate rising to 5 or 5.5 percent by the 4th quarter.

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Fuller Sotheby’s International Realty compiles quarterly and year-end micro-market reports to help you make better real estate decisions. Micro market statistics now available for BoulderDenver MetroEvergreenGoldenSummit County, and the Vail Valley. Visit ColoradoMicroReports.com or call 303.893.3200 for more information.

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