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Denver metro area housing market has lack of compelling inventory

This Denverpost article (below) confirms what I have been observing: The number of homes/condos on the market has decreased drastically – I remember not too many years ago when the inventory was in the 30,000+ numbers. But last month (August, 2011) there were 18,164 homes and condos listed for sale in metro Denver area.

Normally a decreased supply of homes might indicate increasing prices (basic supply and demand rules). That may happen in certain neighborhoods, but in general that does not appear to be happening in the Denver metro area.

The median home price in the Denver metro area fell to $235,000 in August from a year earlier at $239,000.

Another thing I am observing is that the homes in the middle are not selling well. The homes that have been well maintained, in show home condition and priced right, sell very rapidly. The homes that have been neglected or are bank owned or foreclosed, that are priced at the bottom of the market, will sell. But those homes that are priced in the middle and need some work, are not selling. The buyers either want to move right in with no necessary work, or if they have to do work on the property, they want bargain basement prices.

If you need some advice as to where your home falls in the above scenarios, or how you can get your home up to the show home condition to sell at top dollars, I’d be happy to consult with you and bring my stager. Vickie Hall – 303-944-1153.


About Vickie Hall

Vickie Hall is an experienced Realtor and real estate investor based in Centennial Colorado. She's firmly committed to community service, and is the creator and administrator of 365 Things to Do around the Centennial & Denver area. and @CentennialBuzz. For more real estate information, read articles on her blog. Vickie is a RE/MAX agent and can be reached at Vickie@DreamsCanHappen.com

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