Much like Pat Sajak and Vanna White’s Wheel of Fortune, the Real Estate market is a cyclical phenomenon.
The good news is, unlike the famous wheel, the marketplace is of a somewhat predictable nature at any given point in time. It may feel like you’re rolling the dice, but statistics hold true that certain circumstances – say, the sale of your home, are likely to fit within a somewhat predictable set of parameters based on the behavior of the rest of the marketplace. That’s where statistics come in.
REColorado has the following data points on file among Metro Denver housing market statistics for December:
- Month-over-Month, the median sold price of Denver-area homes rose 9.3%.
- There were 5,501 Active listings across Denver in December; this number is down significantly from December 2013 (7,345 Active listings that month), but up 3% from the same period in 2014.
- Year to date figures for the total number of listings in Denver rose 7.3% over the year before. Homes are still selling like hotcakes, but more of them are coming on the market.
- Year to date average days on market (the period from listing to under contract) was a whopping 48 in 2013, down to just 26 in 2015. That’s sign in the yard to SOLD in less than a month!
Even with the aid of statistics, the Real Estate market can and does change, and no crystal ball can tell us what’s next. What I do know though, is that Real Estate has always been and will continue to be cyclical in nature. The hot Seller’s market we’re enjoying right now continues to benefit homeowners and the entire economy, but at some point the market will begin to cool, and at some point in the future Buyers will once again hold the advantage.
The question I have for you is, “What are you doing about it?”
Right now is an incredible time to sell a home in the Greater Denver area. Prices are strong, homes are moving quickly, buyers are aplenty. If you’re on the fence, think about taking the leap. Your property will sell in any marketplace – so long as the price is right. In our current marketplace, many factors are in your favor, making this a great time to plan your next move.
The Meyers Group