I know it has been awhile since my last post, however the market activity has increased dramatically. The homes that are priced right and it in the best condition seem to be under contract in just a few days of being listed for sale. I listed a home for sale recently and in 2 days I received an offer for $5000 over what the sellers were asking for their home. If you are thinking of purchasing a home you should be pre-approved for a mortgage and ready to make your best offer when you see a home you like. Likewise if you are thinking of selling your house there has not been a better time to put it on the market in the last several years. I can provide you with a market analysis of your home to show you the market value and also provide you with an estimated net sheet indicating approximately what you would receive after the cost of the sale. Just contact me at 303-808-2206 or send an email to tom@tomwitzel.com

In a interview with CNBC yesterday Warren Buffet says it is time to buy houses and indicated that houses were an attractive asset class and if he could figure out a way to manage the property he would buy a couple of hundred thousand single family houses. Mr. Buffet also stated that he thought that the housing market would improve this year. The oracle of Omaha also indicated that more households are being created and that would start to take some of the inventory of houses off of the market and that the law of supply and demand would come back into play and that eventually we will need to have a million housing units built due to the demand.
I believe we are starting to see this as the available inventory in the Denver market is dramatically lower than we normally see at this time of the year in both the single family and condo categories of the market.

There were 11 sales in the past year in Homestead Hills which equals a 4.07% turnover rate. The annual absorption rate is 2.17 months and the average sold price was $331,290 and the average price per above ground square foot was $116.01.
The average asking price for the 2 homes that are currently on the market is $397,000. If you would like this analysis for your neighborhood just email me at tom@tomwitzel.com and I put gather the information for you.

There were 22 sales in the past year in Fallbrook Farms which equals a 8.37% turnover rate. The annual absorption rate is 4.92 months and the average sold price was $298,023 and the average price per above ground square foot was $122.91.
The average asking price for the 9 homes that are currently on the market is $293,288. If you would like this analysis for your neighborhood just email me at tom@tomwitzel.com and I put gather the information for you.

There were 30 sales in the past year in the Haven At York Street which equals a 5.93% turnover rate. The annual absorption rate is 3.20 months and the average sold price was $335,190 and the average price per above ground square foot was $125.77.
The average asking price for the 8 homes that are currently on the market is $322,350. If you would like this analysis for your neighborhood just email me at tom@tomwitzel.com and I put gather the information for you.

There were 25 sales in the past year in Quail Valley which equals a 5.98% turnover rate. The annual absorption rate is about 1 month and the average sold price was $263,712 and the average price per above ground square foot was $134.92.
The average asking price for the 2 homes that are currently on the market is $357,000. If you would like this analysis for your neighborhood just email me at tom@tomwitzel.com and I put gather the information for you.

There were 23 sales in the past year in Signal Creek which equals a 3.14% turnover rate. The annual absorption rate is 3.65 months and the average sold price was $261,305 and the average price per above ground square foot was $119.66.
The average asking price for the 7 homes that are currently on the market is $267,207. If you would like this analysis for your neighborhood just email me at tom@tomwitzel.com and I put gather the information for you.

There were 55 sales in the past year in Cherrywood Park which equals a 5.15% turnover rate. The annual absorption rate is 3.28 months and the average sold price was $231,711 and the average price per above ground square foot was $123.00.
The average asking price for the 15 homes that are currently on the market is $246,699. If you would like this analysis for your neighborhood just email me at tom@tomwitzel.com and I will gather this information for you.

The people at Capital economics seem to think so, and think improvement is due later this year. Some of their reasons include the stabilization of mortgage lending standards, a slight loosening of loan-to-value ratios & credit requirements in the 4th quarter of 2011 were consistent with the first 3 quarters.

On a personal observation I do believe the housing market is improving, I completed 4 closing for the month of January and when showing other clients potential homes to purchase I was consistently meeting other Realtors with their clients at the same houses, this has not happened in along time.

A improving market will help both buyers & sellers.

Residential Highlights
• 15.2% Increase in closed sales year over year
• 39.4% Decrease in Absorption Rate (4.7 months)
• 33% Decrease in active listings (10,213)
• 2% Decrease in average sold price ($275,951)
Condo/Townhome Highlights
• 14.5% Increase in closed sales year over year
• 47.9% Decrease in inventory (2,421)
• 7% Decrease in average sold price ($153,526)
The numbers for November show that more single family homes & condos sold when compared to 2010 & the available inventory is down. Prices may start to rise in the spring of 2012. The December numbers should be available in early January.