The Brian Petrelli Team Blog

More news on the declining housing inventory; this time for Denver luxury homes. The numbers today for luxury homes is nearly identical to the number earlier this week for all of the Denver homes for sale. Earlier this week, we reported that year-over-year inventory is down 33%. Today, we’re finding out that inventory for Denver luxury homes is down year-over-year by 40%.

The number of sold homes in that time frame remained about the same, suggesting that the market may be finding an equilibrium.

From The Denver Business Journal:

There were 40 percent fewer luxury homes on the market in metro Denver in February than in the same month of 2011, according to a report released Friday.

Brokers listed 604 homes with a price tag of more than $1 million in February, compared to 644 in January and 1,005 in February 2011, according to the report analyzing Metrolist Inc. data by Gary Bauer, an independent Littleton broker, Metrolist analyst and board member.

Thirty homes in that market sold in February, down slightly from 33 sold in January but up from 27 in February 2011.

These numbers include the statistics for Denver luxury foreclosures as well.

If you are interested in more detailed statistics or information on Denver luxury homes in specific neighborhoods, give our team a call at 303-726-1874. Each neighborhood can have it’s own unique markets, so let us send you a detailed report.

We’ll continue to monitor the market and post the stats here, but as we’ve been reporting since last fall, the inventory continues to fall while the demand for homes, spurred largely by the low interest rates, continues to climb.

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When reporting market trends on Denver homes for sale, many companies will compute numbers by excluding all Denver distressed properties from their figures. This can lead to an overoptimistic picture of the true home market. Today, however, CoreLogic’s numbers show a year-over-year increase and factor in all of the Denver distressed properties on the market (Denver foreclosures, Denver short sales, Denver HUD homes, etc).

This is big news and reflects the severely diminishing supply we’ve seen over the past 6 months. (See our post from yesterday on the housing inventory in Denver being down 33%.)

From the Denver Business Journal:

While home sale prices continue to slide nationally, Denver is bucking the trend with a year-over-year increase, according to the most recent CoreLogic home price index report.

Home prices in the Denver-Aurora-Broomfield metro area, including distressed sales, grew 1.1 percent in January from a year earlier, CoreLogic reported.

And in a revised December 2011 home price index, CoreLogic is now reporting a rise of 0.1 percent over December 2010, which makes for two months’ worth of year-over-year growth.

With the number of Denver foreclosures and short sales diminishing, the traditional resale market is picking up steam. While it used to be Denver HUD homes and that would occasionally see multiple bidders, we’re seeing it happen much more frequently on traditional sales in certain areas of town and it is almost a given that a HUD home or foreclosure will have several bidders.

If you are serious about buying a home in the near future, give our team a call at 303-726-1874. We can set you up on the daily email alerts for your area so you don’t miss anything.

There are still some great deals available on Denver distressed properties, but with prices heading up and inventory heading down, you need to move quick.

More supporting statistics out today confirming what we’ve been reporting since October – the inventory of Denver homes for sale has decreased drastically. The latest statistics show that the inventory available now, is down 33% from where it was this time last year.

This reduction is across the board in both single family homes as well as Denver condos. In addition, we’re seeing a steep drop off in the available number of Denver HUD Homes and Denver foreclosures.

This decreasing inventory is causing several of our current clients to be forced into bidding wars on newly listed homes that just a year ago may have sat on the market for 6+ months. If you are serious about buying a home, you need to get organized, get prequalified, and get set up on our daily email alerts for the newest Denver homes for sale so you can move quickly. Give our team a call at 303-726-1874 to get started.

From the Colorado Division of Housing:

The single-family and condo inventory in the Denver area declined 33.1 from early March 2011 to the same period this year. According to new data released Monday by Housingtracker.net, the total inventory declined from 21,909 to 13,965 year over year, but was up 1 percent, month over month, reflecting seasonal changes.

If you are thinking of putting your home on the market, this low inventory puts you at a huge advantage when listing your home. Give us a call today to learn more about your specific neighborhood: 303-726-1874. With the number of Denver foreclosures and Denver short sales decreasing at such a rapid pace, this could be the best time in years to sell your home!

Because our team is always working with buyers looking for Highlands Ranch condos, we’re always looking for Highlands Ranch foreclosures the day they hit the market. With the low market inventory, these foreclosures are moving quickly, especially when they are priced well.

Today, an amazing deal on a 3 bedroom unit in Canyon Ranch Highlands Ranch came on the market. Typically, 3 bedrooms in this complex can go for anywhere from $140,000-$160,000. HUD just listed this unit (with a 1 car garage) for only $115,000! This is an unbelievable price and this home will not last long.

In addition to the incredible price, this home qualifies for the HUD $100 down program. So if you are buying this as your personal residence, you can purchase this home with an FHA mortgage for just $100 down!

If you want more information on this, or any of the other available Highlands Ranch Condos or Highlands Ranch homes for sale, give our team a call at 303-726-1874.

Canyon Ranch Highlands Ranch:

HUD Owned Home 8455 pebble creek way highlands ranch 80126 $115,000.00

Beds: 3      Fin Sq Ft: 1291 Baths: 2     Year: 1996 # of Photos Avail: 1 V-tour Available:  No MLS #: 1071991 Listing Office: mb denver colorado realty

Broker Remarks:  this property may be eligible for the fha $100 down payment program. ask your agent for details. highlands ranch pebblec… more… Disclosures

As we’ve mentioned on our blog recently, the market inventory is incredibly low, and there are fewer and fewer Denver HUD homes becoming available. If you’re looking for Highlands ranch homes for sale, make sure you sign up for our daily email alerts so you don’t miss the best deals on Highlands Ranch foreclosures and Highlands Ranch homes.

The HUD $100 down program is still available, but we don’t know for how much longer. This program has come and gone in the past without warning, so if it is something that interests you, don’t wait.

Earlier this week, HUD released another Highlands ranch foreclosure. This is a single family home in Westridge Highlands Ranch with 3 beds, 2 baths and over 1,800 square feet. Priced well, this home will move quickly.

HUD Owned Home 10577 hyacinth pl highlands ranch 80129 $227,000.00

Beds: 3      Fin Sq Ft: 1807 Baths: 2     Year: 1994 Acres:0.11 # of Photos Avail: 5 V-tour Available:  Yes MLS #: 1071416 Listing Office: era herman group

Broker Remarks:  with 1,807 total sq.ft., this tri-level with finished basement is perfectly situated on a 4,791 sq.ft. lot near spring g… more… Disclosures

Some more very positive news from Metrolist today regarding Denver homes for sale. Inventory is falling, homes under contract are increasing and and sold homes are way up (12% year over year). All of this corresponds with what we’ve been saying for over 6 months on our blog. The Denver market is very strong and our biggest concern is the lack of inventory available for buyers.

From The Denver Business Journal:

If February is any indication, 2012 is going to be a better year for home sales in metro Denver, according to a report released Monday based on Metrolist Inc. statistics.

The number of homes put under contract in February stood at 4,150, up 19 percent from the previous month and up 12 percent from the same month last year, according to the report by Gary Bauer, an independent Littleton broker and Metrolist analyst and board member.

And this

February’s inventory of unsold homes was 10,086, down 3 percent from January and down a whopping 42 percent from February 2011’s 17,358.

As far as homes sold, there were 2,495 last month, which is up 1 percent from January and up 12 percent from the same month last year.

For years, the #1 question I get asked by clients and friends is “When do you think the market will turn around.” For a long time now, I’ve been saying that I wish I knew. For the last month, my answer is simple: “Now.”

The number of Denver foreclosures and Denver short sales are down and the invetory of available Denver homes for sale has been decreasing for a long time. If you are thinking of buying a home this year, the time to start looking is now.

Give our team a call at 303-726-1874. We can set you up on daily email alerts so you don’t miss the best deals when they hit the market. Many of the best deals on Denver foreclosures are receiving multiple bids in the first few days and Denver Short sales are moving much quicker than they did even 6 months ago. Call or email us today.

 Highlands Ranch foreclosures are getting harder and harder to find. that’s why when we did our daily search of Highlands Ranch homes for sale this morning, we were thrilled to see that HUD released a new listing this weekend!

This newest offering from HUD is located in Westridge Highlands Ranch near Spring Gulch Park. It has over 1,800 finished square feet, 3 bedrooms and is located on a 4,791 square foot lot. In addition, this home, like all Denver HUD homes, qualifies for the HUD $100 down program for owner occupants.

Highlands Ranch Foreclosures:

HUD Owned Home 10577 hyacinth pl highlands ranch 80129 $227,000.00 est $

Beds: 3      Fin Sq Ft: 1807 Baths: 2     Year: 1994 Acres:0.11 # of Photos Avail: 5 V-tour Available:  No MLS #: 1071416 Listing Office: era herman group

Broker Remarks:  with 1,807 total sq.ft., this tri-level with finished basement is perfectly situated on a 4,791 sq.ft. lot near spring g… more… Disclosures

 Highlands Ranch HUD homes move very quickly, especially priced under $250,000, so if you’re interested in seeing this, or any other Highlands Ranch homes, give our team a call at 303-726-1874 today. The HUD $100 down program is generating plenty of bids on Denver HUD homes, so we expect this one to move fast.

Sales of Denver condos increased year over year for the seventh straight month in January according to the Colorado Association of Realtors.

This is just more data supporting what we’ve been reporting here on market stats for the entire Denver area. The past six months have seen an increase in activity and a steep decrease in the available inventory. We’re seeing more and more reports in the media reporting these stats.

From The Colorado Division of Housing Website:

Condo and townhome sales in metro Denver and statewide increased, year over year, for the seventh month in a row in January 2012, and they increased for the second month in a row in the Pikes Peak region. According to condo and townhome sales data released by the Colorado Association of Realtors, sales increased statewide 6.4 percent in January 2012 from the same month a year earlier. They increased 8.9 percent in metro Denver over the same period. In the Pikes Peak region, January sales increased 8.5 percent. In January, there were 778 condo and townhome sales statewide. 487 of them were in metro Denver and 76 were in the Pikes Peak region.

This recent growth trend in statewide and metro Denver sales is now seen in the 12-month moving averages used to track trends in home sales. The highly-cyclical nature of home sales trends makes it difficult to track multi-year trends in home sales, so using a moving average makes it easier to identify longer-term trends. Additionally, the introduction of the homebuyer tax credits from 2008 to 2010 further complicated the picture.

If you have put off listing your home, you may want to seriously reconsider waiting. The lack of inventory in the metro Denver area is a serious concern, and the Denver condos that are priced well and in good condition are selling very quickly.

If you’d like more information on Denver condos or the Denver market in general, including how Denver foreclosures and Denver short sales have impacted the market, give our team a call at 303-817-0209.

HUD just released a new listing into the continually shrinking inventory of Lakewood townhomes. This is great news for any buyers looking in the area. The pool of available Lakewood foreclosures as well as standard resales has been decreasing for months, and this home is a great deal.

Located just west of Carmody Park, this home has 2 bedrooms and nearly 1,700 finished square feet. With a one car garage and a small fenced yard, it will be hard to find a home anywhere near this size for the price.

In addition, this home, like all Denver HUD homes, qualifies for the HUD $100 down program for owner occupants.

Lakewood Townhomes:

HUD Owned Home 1909 s kipling st lakewood 80227 $130,000.00

Beds: 2      Fin Sq Ft: 1665 Baths: 3     Year: 1983 # of Photos Avail: 5 V-tour Available:  Yes MLS #: 1070061 Listing Office: re/max professionals

Broker Remarks:  property may be eligible for fha $100 dollar down payment program! hud home sold `as is`-electronic bid only fha case #0… more… Disclosures

Give our team a call at 303-726-1874 to learn more about this home, Lakewood foreclosures or the HUD $100 down program. There are still some great deals out there, but you have to move quickly.

We’re excited to announce that Debbie Ells is bringing her expertise and knowledge to our team as our newest agent! Debbie has a wealth of knowledge on Old Littleton Neighborhoods and the surrounding areas.

Debbie is a Littleton native who graduated from Littleton High School and is an expert on all things Littleton. With her over 10 years of experience in sales, investment properties, remodeling and design, she is the authority on Old Littleton Neighborhoods.

Debbie, along with her husband and partner, started Custom Contracting Specialists, a remodeling firm concentrating on Investment properties and residential construction in 2002. This experience, coupled with real-estate sales knowledge allow her to give her clients expert advice when purchasing some of the unique older homes in the downtown Littleton area.

You can follow Debbie on her Old Littleton Homes Blog or feel free to give her a call at 303-994-0551.

One of the most popular areas for Denver condos right now is the Hilltop Denver condos area. With it’s proximity to Congress Park, City Park, several medical centers and Cherry Creek, the location of this area is hard to beat.

Our team just listed a great 2 bedroom condo in Hill top / Mayfair Condos area. Priced at just $109,900, this unit has over 800 square feet and is in great shape. For this area, this is a fantastic price for this home, and we expect it to sell quickly. If you are interested in seeing it for yourself, give our team a call at 303-726-1874.

Hilltop Denver Condos

836 dexter st denver, CO 80220 $109,900.00

Beds: 2      Fin Sq Ft: 834 Baths: 1     Year: 1959 # of Photos Avail: 5 V-tour Available:  No MLS #: 1069108 Listing Office: mb the brian petrelli team

Broker Remarks:  great condo unit in fantastic denver location! rose medical/university hospital redevelopment all around leading the way… more… Disclosures

This home is a standard resale and is not one of the many Denver short sales that are available. The owners can close on this home without waiting for bank approval, so don’t wait to schedule your private showing. Homes in the Hilltop / Mayfair condos area sell quickly!