Colorado Real Estate Market Statistics for May and What They Mean

Segment 1
Colorado Real Estate Market Statistics for May and What They Mean
Barb Schlinker Radio Show
719-301-1802 | 719-301-3900
Your Home Sold Guaranteed Realty Colorado

1. This market is ON FIRE!
2. We are seeing:

●Increase in Sales why…Rates are at record lows
●Median Sales Price…INCREASE BY 9.4%
●A number of ACTIVE LISTINGS…DOWN by 38.2%!

3. The number of Homes Sold compared to 1 year ago was UP IN EVERY PRICE RANGE EXCEPT:

●Under $300K – there just are not that many.
→Had one sell last month price at $275K, sold for $300K

●We have seen our overall Available inventory drop…like an Elevator since 2015
Yet.. I have never seen the inventory DROP THIS TIME OF YEAR! Typically the number of SF Homes available goes UP in the summer, for the first time we are seeing that number go DOWN for two consecutive months!
●If you are planning on buying a home, be Prepared for Competition, especially under $500,000! That’s right I have been watching this metric since the beginning of the year.

○ We have not been able to keep up with an inventory of homes under $400,000 BUT
○ Since January homes from $400,000 to $500,000 the % of sales to available inventory has gone from:

■65% in January to 111% of Available homes from $400K – $500K is selling every month!
●So, if you are thinking of selling a home, this is a GREAT time to get your home ready to go on the market. It’s not too late in the summer…’

→Many of the military transfers got delayed…they are buying now!
→ You do not want to do this on your own.
Just last weekend, because of my marketing I was able to get a bidding war going on a $1.2 Million Dollar home!

4. Most people I meet with are not ready to go on the market, the day we meet. There is some preparation time to get ready…
●Staging
●Photos
●Pre-marketing exposure – this is big right now.

○We have a new MLS Status called ‘Coming Soon’ that allows other agents and people who have a search directly from the MLS to get a preview of listings coming soon. I find this really speeds up the sale process.

You are listening to the Real Estate Voice with myself Barb Schlinker of Your Home Sold Guaranteed Realty, you can reach me at 719 301 3900
What areas are more challenging if you are selling a home?
4. Well, right now, the most common concern my clients have is that I’m going to sell their home too fast and they may or may not have a destination in mind. So, they hold it off the market until they know the timing is right.

5. You really do not have to do that. We can put a preferred possession date in the Listing Service so the buyers know when they can take possession. That way the seller gets to pick the date it sells.
●The biggest one though is..

6. If a home seller does not get a quality agent, it could derail the sale. I can still find homes that are sitting on the market that seem to be priced ok but there are issues with bad photos, bad staging.

 

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Barb Schlinker, Listing Agent

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