Lesli Fritts Blog

Real Estate Home Sales in the Douglas County area have continued to improve. Sales in the southwest section of Douglas County are up 29.5% over last year and the inventory of available homes for sale has shown a significant drop by almost 25% from last year at this same time. Days on market have decreased along with the absorption rate of homes on the market. The average home sale price in southwest Douglas County has continued to flatline and in some areas has continued to decrease. However condo prices are up by 29% over last year.

The Parker area also showed an increase in sales by 17% and a 33.7% decrease in available homes for sale. Prices here are flatlined or even fallen in some areas by 5.4% of the average sales price. Condos have followed the trend of rising prices by 23.6%.

Highlands Ranch/Lone Tree is shining with an overall increase in the average home sale price of 19% over spring of 2011 and an increase in sales of 17.6%. Inventory has decreased in the area by 38.3%.

So what does this all mean? The amount of homes and condos currently available for sale in Douglas County has drastically decreased. The number of Sales vs 2011 throughout the county are way up. Prices in the northern part of the county have gone up and this will eventually trickle to the other parts of Douglas County. Our housing market is changing. We are beginning to see multiple offer situations in the lower, average, and mid price ranges which is frustrating buyers and thrilling sellers.

Buyers are going to have to change their way of thinking. Many homes are no longer sitting on the market for months upon months, especially if they are in great condition and priced right. It’s all about supply and demand. An increase buyer demand which we are currently experiencing combined with lower inventory will eventually push prices up and well as mortgage rates. If you have been sitting on the fence on whether to buy or rent, now is the time to buy. Next year you may be priced out of the market and be paying a higher interest rate! Douglas County has hit bottom and is slowly on the way back up, following the trend of the Denver Metro Area. Now is the time to take advantage of the lowest housing prices and mortgage rates in decades in one of the most desirable counties in the nation!

The 2012 Real Estate Market is Upon Us – Where is it Going?

On a National Level, the overall real estate market slightly improved in 2011 over 2010. Foreclosures are down and interest rates are the lowest they have been in decades. Of course each sector of the nation will recover at a different pace due to their own local economic growth.

The Denver Metro Area has shown strong signs of recovery in the last half of 2011. The Denver Multiple Listing Service, which includes all areas in the Denver Metro Housing Area have shown an increase in sales and the average sold price has slightly increased. The really important standout number here is the inventory of homes available for purchase has dropped dramatically by almost 40% from 20110. Fox Business News Today listed Denver as one of the top cities for investing in 2012 based on these statistics and the local economic outlook.

Regarding The southwest side of Douglas County – inventory is down by 25% and the number of home sales increased 27% from 2010. If the inventory of homes continues to stay low, our prices will begin to stabilize and our market should become more balanced between a buyers and sellers market. However we are still behind the Metro Denver Market. These statistics also reflect the trend of Generation X, who have chosen the city lifestyle rather than the rural and suburban areas. Many of the Baby Boomers are for now staying put.

Bank Owned Homes and Short Sales – All neighborhoods have continued to be haunted by foreclosures and short sales. These homes are sold under value and bring prices downwards. Douglas County has seen a drastic reduction in the number of these distress sales. However, there are still many mortgages in default and banks are behind on their processing. We will continue to see these properties come on the market for 2012.

Rents and Rates - Rental amounts will continue to climb as many former distress home owners will have to wait on required time frames to qualify for a purchase. Others will not be willing to make the decision to purchase and will elect to rent. This will eventually make home buying more desirable compared to rents charged. I believe that mortgage rates will continue to stay very low with perhaps slight increases as the economy improves through the end of the year.

Keene Ranch 2011 Real Estate News

In 2011 there were 13 home sales (same as 2010) 5 of these sales were bank owned or short sales vs 10 of them in 2010 – a strong improvement! The average sales price was $735,300 – strongly impacted by the distress sales. There were only 2 vacant lot sales in 2011 – one being sold by the bank. Overall the Keene Ranch Housing Market is stronger but still approximately 20% down from the housing boom of the early and mid 2000’s. It’s hard to say if our market will ever return to that level.

The positives for Keene Ranch and why it will continue to sell is it’s natural beauty and privacy. We all know why we love living here and it is an extensive list! Plus there has been virtually no new construction in the area to rival. The negatives for Keene Ranch selling have been some people feel it is just too far out. With commute times increasing along with fuel prices, this has been an issue for many people. The mortgage lending for higher end properties and jumbo loans has also been difficult the past few years. This is also showing signs of improvement with mortgages becoming easier to come by.

My best advice is to keep your property updated and well maintained in the event you need to sell. Homes that are priced competitively and are in great condition will still be the first to sell and at the highest price possible. If you would like a free no obligation market analysis, please feel free to contact me.