Market Update - Statistics

Found 8 blog entries about Market Update - Statistics.

What makes a "good" agent?

This week I breakdown how agent performed in 2016  - How many transactions did an average agent complete and how many cities did each agent work.

Click video below for the full report:

3,067 Views, 0 Comments

What happens when you don’t sell the first week?

There are many different philosophies on how to price a home but the result of not getting a contract in the first week is clear: a lower sales price and missed opportunity.

To see what happens to offer prices during and after the first week on the market, I graphed data for both detached and attached homes in multiple price ranges in the city of Denver.

• Under contract in the first week? Homes averaged 2.3% over the list price.

• Under contract in the second week? The sale price dropped 0.24% below asking price.

• Under contract in week 3 and later? See the graph below.

The 2.5% swing from week 1 to week 2 means $10,000-$12,000 less for the seller (based on the average home in Denver.)

3,556 Views, 0 Comments

After showing a bunch of condos over the past few weeks, I wanted to see how HOA dues affect the price per square foot and if I could find a correlation between the two. Because a buyer that can afford a $400,000 condo would have a hard time justifying HOA dues of $800 per month, but would have no problem paying $200 per month.

I exported data for 2015 in the city of Denver. Then I created and calculated an “HOA Factor”. This factor would represent how the HOA dues relate to a sale price and therefore the price per square foot.

The HOA factor is basically the relationship of sale price to HOA dues:

Price = $400,000, Dues = $200
HOA Factor = 0.5

Price = $400,000, Dues = $400
HOA Factor = 1.0

Price = $400,000, Dues = $800
HOA Factor = 2.0

I started with

10,732 Views, 4 Comments

Where Are New Homes Being Built?

We all know that Stapleton, Lowry and Green Valley Ranch have new homes under construction, but what about the rest of Denver? Where are developers deciding to invest their money? Where are buyers passing on the planned community – deciding instead on a newly built home in an older neighborhood?

I searched homes sold in 2015 and 2016 (thru May) that also had a build year of 2015 and newer. Then I created 3 interactive maps to show the distribution and count in each area for the following products:
• Detached homes
• Condos
• Townhomes/other multi-unit.

The Takeaway: Townhomes had the highest numbers; detached homes had the widest range of neighborhoods; and new condos are very limited these days – only in 5 different

1,700 Views, 0 Comments

So much real estate data is public record, but that’s not the case when it comes to agents so I’m going to open the door a little so you can see some of the data behind an agent’s performance numbers.

It’s hard to get an official count of REColorado (MLS) members. That being said, I’ve heard 18,000 thrown around a few times so I’m going to use that as the basis for my analysis outlined below.

  • After sorting the data for 2015, I was able to find 12,970 agents having at least one (1) transaction recorded in MLS. This count includes listing, selling, co-listing and co-selling agents.
  • Using 18,000 members as my agent baseline, my projection for agents performing zero (0) transactions in 2015 came to 5,030. That means:
    • 65% of agents completed 0-5
1,919 Views, 0 Comments

Have you noticed all the news in Denver talking about the housing market and how great it is?  I’m asked about it all the time, but my typical answer depends on my audience.  In 2016, the market is great if you are a seller. But what about being a buyer?  Not so much—bidding wars, appreciation, and supply vs demand are all working against buyers to make this market anything but great.

Instead of looking at numbers on appreciation or supporting the “great” seller’s market, I decided to look at the numbers from a buyers point of view. 

Below shows the breakdown of the average finished sq. ft. (livable space above ground and in the basement) in 2012 compared with year to date 2016.  On average, given the same price range, the house you can buy now is 18%

1,067 Views, 0 Comments