How Long Does The Average Home Sale Take? - Denver, Co
Updated - September 2011
The Time It Takes To Sell A Home - IS GETTING SHORTER - (on average) - Metro Denver Market
Let me start by saying that every 'home sale' is unique and can produce vastly different results. That said, there are some common denominators when it comes to the average time you might experience when your home goes on the market.
The last column in the chart below, represents the "month's supply" of homes currently on the market, by price range. In real estate talk, this column is called the "absorption rate", and it's arrived at simply by dividing the number of homes for sale, by the number of homes sold over the last 30 days.
A recap of the numbers shown in this table tells us that the market for single-family homes priced under $200,000 is the most active for sales, and that there's approximately a 4-month supply available. Its less than 3 months, below $100,000. In the $200,000 to $400,000 price ranges, homes are in moderate demand and are taking anywhere from 5 to 7 months to sell. Homes priced above $400,000 may require much longer time-frames to sell. Overall, the number of days required to sell a home is declining.
SINGLE FAMILY HOMES - DAYS-ON-MARKET - BY PRICE RANGE
|...PRICE RANGE ...||...ACTIVE LISTINGS...||...HOMES SOLD...||...MONTH'S SUPPLY...|
|$100k - 200k||5134||1230||4.2|
|$200k - 300k||5724||1076||5.3|
|$300k - 400k||3705||559||6.6|
|$400k - 500k||2065||294||7.0|
|$500k - 600k||1270||118||10.8|
|$600k - 700k||787||68||11.6|
|$700k - 800k||595||36||16.5|
|$800k - 900k||403||33||12.2|
|$900k - 1 MILL||324||16||20.3|
CONDO, TOWNHOME, LOFTS
|...PRICE RANGE ...||...ACTIVE LISTINGS...||...HOMES SOLD....||...MONTH'S SUPPLY...|
|$100k - 200k||2024||414||4.9|
|$200k - 300k||1009||145||7.0|
|$300k - 400k||479||52||9.2|
|$400k - 500k||212||16||13.3|
|$500k - 600k||124||16||7.8|
|$600k - 700k||90||2||45|
|$700k - 800k||54||1||54|
|$800k - 900k||38||2||19|
|$900k - 1 MILL||157||1||157|
When average home sales occur in under 4 months, we refer to that as a Seller's Market. Sales averaging 4 and 7 months are considered to be in a Balanced Market. Sales averaging over 7 months are referred to as a Buyer's Market. In the month of September 2011, we see all three in play, depending on the price range of the property you're shopping for.
These charts only suggest "averages." Some homes will sell more quickly, and others may take quite awhile. The actual results you experience will be a function of your price compared to other comparable homes in your area; your neighborhood and location; how well your home shows and appeals to buyers; and, the marketing program your real estate agent will use to expose the property to buyers.
More updates soon,
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Average Home Prices Denver CO