No, I haven’t been on a month-long vacation. Yes, I could use one. Preferably on a golf course with palm trees and alligators patiently awaiting my every errant shot.
It’s been busy at the MyH-O-M-E.com office. There’s no question that the $8k stimulation bait has gotten the attention of first time home buyers and investors alike, because even those properties that were considered to be ugly listings just a month ago are receiving loads of showing activity.
Here’s an example: I have a 3 bed, 1 bath listing located on one of the busiest boulevards in Colorado. It’s in need of serious TLC, especially the inch-wide daylight-emitting crack along the entire north wall. The kitchen and bathrooms require complete makeovers, and I’m not sure if the Home Depot has enough paint in stock to make the exterior pretty, but this basket case of a property has been shown 53 times in the two weeks since it was listed and we have received ten offers over the list price of $60k! Those were from the investors. We also receive a handful of offers below list price from misguided first time buyers who think that the market still favors them.
Here’s an article that appeared in today’s Denver Post. I won’t ever say “I told you so,” but…
Metro Denver’s housing market experienced a big bump from February to March, but sales and prices continue to lag year-ago levels.
The number of area homes sold in March increased 29.1 percent to 3,206, compared with 2,484 in February, according to data released Tuesday. That’s still down 13.6 percent compared with the same month a year ago.
It’s the beginning of the prime selling season. We’re seeing pent-up demand and people out there looking to purchase homes. The median price of a single-family home was $203,950, up 6.2 percent compared with last month but off 9.3 percent from March last year. The median price of a condo was $128,500, a 9 percent increase over February and down 2.7 percent compared with the same month a year ago.
People are looking at condos as being more of a solid residential investment again versus a money-losing piece of property. Nearly half of the homes sold last month were in the $100,000-to-$200,000 price range, compared with previous months when many were $100,000 or less.
“There were 20,628 homes on the market in March, up 2.8 percent from the prior month but down 19.2 percent compared with the same time last year.
Homes are starting to sell faster, with the average days on market declining 6.7 percent to 101. Single-family homes were on the market an average of 99 days. It’s under 100 days for the first time in six months.
Let the appreciation begin!
Posted by: Dave Perlowski
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