Denver Housing Market Update February 2021

Realtor.com predicted Denver would be one of the top 10 U.S. housing markets for 2021. We’ve been keeping an eye out to see if this prediction proves to be true. So far, so good! Here’s how the Denver area housing market performed in February:

Data from ReColorado from February 1, 2021 to February 28, 2021.

Monthly Sales

Despite February being the shortest month of the year, monthly sales in the Denver area were +22% higher than sales in the previous month, landing at 3,878. This number is virtually unchanged from the same month last year.

Monthly Sales

New Listings

Following a nationwide trend of decreasing inventory, February had 4,558 new listings, which is an -11% drop from February of 2020. It is, however, slightly higher than the 4,295 new listings we saw in January of this year.

Sale Price

Sales prices continue to rise for Colorado homes. The average closing price in February was $553,231, a +14% year-over-year increase. This is similarly, an increase from January, although a very slight one.

Days on Market (DOM)

The market is speeding up. Denver area homes spent an average of 24 days on the market during February, which is a 14-day decrease from the same time last year and a two2-day decrease from the previous month.
Days on Market

Turn to a Homie

Are you ready to jump into the market as a buyer or seller? Homie’s experienced local real estate agents can help you have the best experience possible throughout the entire process. These agents know how to put together that perfect offer to help you get your dream house if you’re a buyer and, they know how to make sure you get the offer you’re looking for if you’re a seller. Click to start selling or buying and get in touch with your dedicated agent.

Learn more about Denver real estate!

https://www.homie.com/blog/how-to-buy-a-home-in-denver-colorado/

How to Sell a Home in Colorado

What to Look for in a Turnkey Property in CO

Source: homie.com

Open House Etiquette and Rules

In this article:

For decades, sellers and their agents have been using open houses to help generate interest in their listings. Open houses give the general public the chance to view a home without scheduling a private showing. While open houses do get a lot of curious neighbors and casual browsers, they can be a good opportunity for serious buyers to decide if a home is worth pursuing further, or a way to get a better grasp on neighborhood home values. 

In fact, 59% of home buyers attended an open house during their shopping process last year and 43% of buyers said attending the open house was very or extremely important to determining if the home was right for them.* On average, home buyers attended 2.6 open houses before buying.

Whether you’re a sincere buyer or simply curious about the inside of a home, you should know how open houses work and understand how you can be a good open house attendee. 

Note: If open houses are restricted or unavailable due to public health concerns, work with your agent to arrange a private tour or video tour. All Zillow-owned homes include a self-tour option — just use our app to unlock the door and tour at your convenience.

What is an open house?

An open house is an event during which potential buyers can tour a home that’s on the market. It’s usually hosted by the seller’s listing agent, or by the seller themselves, in case of a for-sale-by-owner (FSBO) listing. Open houses usually take place on weekends, during a set range of hours typically midday.

Open house benefits for buyers

No scheduling required: Unlike a private showing, you don’t need to set up a specific appointment to see a home. Simply show up during the open house hours and view the home at your own pace. 

Scope out the competition: If you’re interested in a home, attending the open house can help you gauge interest from other buyers. This can be helpful when determining how quickly you need to submit an offer and how much you should offer. 

Understand current home values: Seeing what homes are selling for in your area and what you can buy at a particular price point can be helpful if you’re just starting your search. 

Redefine your nonnegotiable home features: Checking out homes in person can help you redefine your list of must-haves: Do you really need that extra bedroom? What does a backyard of this size really look like?

How do open houses work?

Not every seller or listing agent will hold one, but here’s the typical process for sellers setting up an open house:

  1. The seller and their agent determine a day and time for the open house.
  2. The agent lists the open house on the local MLS.
  3. The agent advertises the open house on social media, online and with print ads or flyers. 
  4. The agent prepares for the open house — purchasing refreshments, printing flyers, setting up signs and adding little touches to make the home feel welcoming to buyers. (Yes, as a shopper, you can eat the cookies.)
  5. The agent hosts the event, greeting buyers and answering questions about the property and community.
  6. Buyers remove their shoes, tour the home, take pictures and video (if allowed) and jot down important notes. 
  7. Any buyer who liked the house will contact their own agent. They’ll then set up a private showing to see the home again or they’ll submit an offer right away — the latter is common in fast-moving real estate markets.

Who hosts an open house?

The person hosting an open house could be any one of the following: 

  • Listing agent: As the person hired to sell the home, the listing agent should be an expert on the property. 
  • Listing agent’s team member or associate: A busy listing agent may also send another agent in their place — either someone on their team or another agent in their office. They should be experts in the local market, but may not be as familiar with the individual home. 
  • Homeowner: If a home is for sale by owner (FSBO), the homeowner will be hosting their own open house. They’re undoubtedly the expert on the home, but their local market expertise may be limited. 

How to prepare for an open house

There are times when you might just stumble upon an open house while you’re on a walk or running errands. But if you’re intentionally looking for open houses as part of your home-buying strategy, try these tips.

Seek out relevant open houses

If you plan to visit multiple open houses in one day, make sure you’re focusing on listings that fit your criteria for budget and location. It’s not worth wasting time looking at homes outside your budget or those that are too far from your work or school. 

Tip: With Zillow’s home search tool, buyers can filter by homes with upcoming open houses (this filter can be applied in addition to other search filters like price, bedrooms, bathrooms, square footage and location). When you use the open houses filter in conjunction with filters for your other criteria, you can easily find the right open houses for your search.

A map of home listings on Zillow.

You can also tour most Zillow-owned homes any time between 6 a.m. to 8 p.m., any day of the week — just select the tour option on the listing. Although the listing agent will not be present, you can avoid a busy open house and rest assured the property is in move-in ready condition.

Do research on the market beforehand

With help from your agent or on your own, find out how each home you’re planning to visit stacks up against others nearby. Is the price in line with similar listings in the area? Are there any defects? Has it gone under contract recently and then returned to the market? Are there a lot of other interested buyers? Has it been sitting on the market for a long time? (“Days on market” is an indicator of a stale listing, but the standard number of days on market can vary based on where you live.)

Stay open-minded

If you’re searching on a tight budget in a hot neighborhood, there’s a good chance that the home that fits the bill will need some TLC. Fortunately, attending an open house can give you a better idea of the home’s condition and potential, while also giving you the opportunity to ask renovation-related questions — e.g., the location of load bearing walls and the details of local regulations. 

How to attend an open house

Now that you’ve done your research and are prepared to add some open houses to your home search, here’s what you should do once the day arrives. 

Ask questions

An open house is your best opportunity to ask the listing agent (or their associate) your questions — don’t be shy. Ask questions that you wouldn’t be able to answer just by reading a home’s listing description, such as:

  • What are the HOA restrictions?
  • Has the seller done a property tax appeal?
  • Have there been any recent renovations or repairs?

Tip: If you’re not currently working with an agent and you ultimately decide you aren’t interested in a particular home you tour, the open house could help you see if the listing agent might be the right person to represent you — many agents represent both buyers and sellers. 

Be honest

If anyone other than the listing agent or the homeowner is hosting the open house, they’re likely an agent hoping to find potential buyer clients. If you’re already working with an agent (or if you have no real interest in buying), be honest.

Check for damage and disrepair

Professional or edited photos can make a home look a lot better online than it is in person. At an open house, take the opportunity to closely evaluate a home’s condition and take note of any potential defects that would factor into your offer price. 

Assess the windows: Look for flaking paint, misaligned sashes and condensation due to air leaks. These could be signs of windows that need replacement. 

Check for water damage: Look for warped baseboards, ceiling stains and musty smells. 

Make note of cracks: Noticeable cracks in the ceiling or drywall could indicate foundation issues. 

Test functions: Open cabinets, doors and drawers. Run the faucets. Check the water pressure. An open house is a good opportunity to make sure every part of the home is in good working order. 

Gauge potential renovation needs: Home improvements can really add up. As you walk through a home, keep an eye out for urgent renovation needs like floors, fixtures or large repainting projects.

Open house tips for buyers

Whenever you attend an open house, put yourself in the seller’s shoes — you’re letting a bunch of strangers walk through your home while you’re not there. While every seller wants their open house to net a buyer, they also want to keep their home safe and their furnishings free of damage.

Do

  • Take off your shoes or wear booties if requested.
  • Greet the host and provide your name.
  • Sign in if necessary or requested (this is a safety issue for the seller and their agent).
  • Take notes on your phone about your likes, dislikes and follow-up questions.
  • Ask if you can capture a video (if the listing doesn’t already include a video).
  • Respect other buyers and guests. 
  • Wait for others to exit a room before you enter.
  • Provide feedback if requested.
  • Thank the person hosting the event.

Don’t

  • Refuse to comply with an agent or homeowner’s house rules.
  • Criticize the home or the owner’s style.
  • Listen in on other visitors’ conversations.
  • Touch the owner’s belongings.
  • Let kids run around without supervision.
  • Bring food or beverages in (except water).
  • Reveal information that would compromise your negotiating power, like your budget or level of interest in the home.
  • Bring pets.

*Zillow Group Consumer Housing Trends Report 2019 survey data

Source: zillow.com

Homie’s Greater Phoenix, Arizona Housing Market Update June 2020

We often get the question, is now a good time to buy or sell a home? Has the pandemic changed the market? Here’s your monthly update on what’s happening.

Monthly Sales

According to the data from the ARMLS® from May 1, 2020 to May 31, 2020, real estate experienced a 33.7% decrease over May 2019. We are beginning to see a rebound in real estate closings in the Greater Phoenix area. Comparing data from the Arizona Multiple Listing Service from June 2019 to June 2020, Greater Phoenix has already exceeded last year’s total closings for the month of June with a 1.18% increase.

2019=-2020 comparison chart on closings throughout June.

Via ARMLS

List Price

Average new list prices are up +5.4% year-over-year. The year-over-year median is up +7.2%. Note: figures in thousands.

average list prices June 2019-2020 comparison

Data from the ARMLS® from May 1, 2020 to May 31, 2020.

Sale Price

Home values are staying strong. The Average Sales Price in May 20 2019-20 was $352.4, versus $347.5 in May 2018-19, 1.4% increase year-over-year. The Median Sales Price in May 2019-20 was $295.0, versus $278.0 in May 2018-19, a 6.1% increase year-over-year. Note: figures in thousands.

graph comparing average list and sales prices from June 2019 and 2020

Data from the ARMLS® from May 1, 2020 to May 31, 2020.

Days on Market (DOM)

We saw the Average Cumulative Days on Market decrease in May 2020-19, averaging 50 days on market versus 65 Average Cumulative Days on Market in 2018-19.

At Homie, we continue to see sellers getting multiple offers on their homes. Homie listings are seeing 60% of sellers getting multiple offers in the last 60 days.

Chart comparing Days on Market for June 2019 and 2020.

Data from the ARMLS® from May 1, 2020 to May 31, 2020.

Want to Know Your Home’s Value?

Learn more about your home’s worth! Click here to request your home value report from a Homie pro.

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

Read more about buying and selling in Arizona

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Source: homie.com

Homie’s Las Vegas, Nevada Housing Market Update June 2020

When Homie launched in the first week of March, no one could have anticipated the world events that followed. Vegas was definitely hit hard and the real estate market took a dive in April and May. The June numbers have just come back and we are excited to share that the real estate market is starting to see a recovery. Here is the breakdown:

Monthly Sales

According to the data from the GLVAR® from May 2020, Las Vegas real estate experienced a whopping 48.1% decrease compared to May 2019.

Thankfully, we are starting to see a rebound in real estate closings in the Southern Nevada area. According to the data from the GLVAR® from June 2020, June 2020 saw a 44% increase compared to May 2020 and has almost recovered to 2019 levels with a 15% gap.

housing market comparison chart between single family homes and condos/townhomes

List Price

Average new list prices are up +7.7% year-over-year. The year-over-year median price is up +11.6%.

chart comparing average and median list price in S. NV from 2019 to 2020

*Data from the GLVAR® from June 2020 and June 2019.

Sale Price

Home values are staying strong, increasing 6.8% year over year.

chart comparing sales prices in S. NV in 2019 and 2020.

*Data from the GLVAR® from June 2020 and GLVAR® from June 2019.

Days on Market (DOM)

We saw the Average Cumulative Days on Market decrease in May 2020, averaging 63 days on market versus 87 Average Cumulative Days on Market in 2019.

chart comparing days on market between 2019 and 2020 in S. NV

*Data from the GLVAR® from June 2020 and GLVAR® from June 2019.

Want to Know How Much Your Home’s Value?

Want to know how much your home is worth? Click here to request your home value report.

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

More Ways to Get in Touch

Call us at (702) 550-1081

Message us on Facebook.

Or create a Homie account.

Read more about buying and selling in Nevada.

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Brokerage Lic. # B. 144145

Source: homie.com

Homie’s Greater Phoenix, AZ Housing Market Update July 2020

It’s hot outside and so is the market!

“Hottest Summer ever in Phoenix recorded history and also the hottest July ever for real estate sales in the Greater Phoenix area. Our market is smoking! In the last 20 years, monthly sales have topped 10,000 only four previous times. July 2020 has reached this milestone with 10,303 sales!” -Wayne Graham, Head of Real Estate Operations at Homie Arizona.

Monthly Sales

chart showing number of home sales in AZ from July 1 to July 31, 2020

Data via ARMLS® from July 1, 2020 to July 31, 2020.

According to the data from the ARMLS® from July 1, 2020 to July 31, 2020, real estate sales are up +8.4% month-over-month . The year-over-year comparison is up +12.1% at 10,303 compared to 9,192 in 2018-19.

List Price

*Data from the ARMLS® from July 1, 2020 to July 31, 2020.

Average new list prices are up +15.7% at $418.2K compared to $361.3K in 2018-19. The year over-year median is up +12.9% at $325K, compared to $287.9K in 2018-19.

Sale Price

chart comparing july 1-july 31 2020 to last quarter 2019.

*Data from the ARMLS® from July 1, 2020 to July 31, 2020.

Home values are staying strong. The average sales price is up +14.6% year-over year at $391.6K, compared to $341.6K in 2018-19. While the year-over year median sales price is also up +12.5% at $315K compared to $280K in 2018-19.

Days on Market (DOM)

chart comparing average days on market in july 1 to july 31 2020 to 2019

*Data from the ARMLS® from July 1, 2020 to July 31, 2020.

We saw the Average Cumulative Days on Market decrease in July 2020-19, averaging 55 days on market versus 63 Average Cumulative Days on Market in 2018-19. At Homie, we are continuing to see sellers getting multiple offers on their homes.

July Breaks Records in 2020

A message from our Associate Broker, Jennifer Hull:

For Buyers

It’s a jungle out there for buyers! Despite recent appreciation rates the Home Opportunity Index* measure for the Greater Phoenix market increased to 64.8% for the 2nd Quarter in 2020; the previous measure was 63.0%. This means that a household making the current median family income of $72,300 per year could afford 64.8% of what sold in the 2nd Quarter of 2020. By comparison, the HOI measure for the United States was 59.6%.

Historically, a normal range for this measure is between 60-75%. During the bubble years of excessive appreciation between 2005-2006, the HOI plummeted from 60.1% to 26.6%. Typically if it falls below 60%, the market should start to see a drop in demand. With the most recent increase however, Greater Phoenix is still within normal range and experiencing demand 20% above normal for this time of year.

What makes this market significantly different from the infamous bubble and crash is the relation between resale housing growth and population growth. In the early 2000’s, housing was growing faster than the population and creating a surplus. This surplus went unnoticed due to excessive speculator (i.e. “false”) demand fueled by loose lending practices. When loans tightened up, the surplus came roaring into focus as vacant inventory soared to over double the normal levels. However since 2006, the population has grown faster than housing. It has taken 14 years, but the population growth fueled by job growth has finally consumed the surplus of resale housing created during the bubble years and now the market is facing a shortage of homes for sale.

This type of market and appreciation is not sustainable long term, however it’s here now and properties purchased today are expected to continue appreciating over the next 6-12 months.

For Sellers

So much for the summer slowdown, July had a record number of closings go through the Arizona Regional MLS; surpassing every July as far back as 2001. July also had record breaking sales in dollar volume with $3.9B sold. The best July ever recorded prior was in 2005 at $2.9B. The monthly appreciation rate finalized 12.5% higher than 2019 and was the 4th highest appreciation rate for July going back to 2001.

“One third of homes closed were over asking price and only 15% involved any sort of seller-paid closing cost assistance; down from a high of 27% last May. Half of all sellers who accepted contracts in the first week of August did so with 7 days or less on the market.

Contracts on luxury homes over $1M are up an incredible 93% over last year at this time. Between $500K-$1M, contracts are up 64%. Between $300K-$500K, they’re up 39%. Between $250K-$300K, up 15%. If you need to sell, this is indeed the time to do it!” -Jennifer Hull, Associate Broker at Homie Arizona.

Want to Know Your Home’s Value?

Want to know how much your home is worth? Click here to request your home value report.

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

Source: homie.com

Homie’s Greater Phoenix, AZ Housing Market Update August 2020

The real estate market fluctuates often. The local Phoenix market isn’t an exception! Many people are wondering how the market performed this summer. Spoiler alert–the summer might be over but the market is staying hot! We’ve got your monthly update!

chart showing monthly sales increased YOY

Data via ARMLS®.

According to data from the ARMLS® from August 1, 2020 to August 31, 2020 the Phoenix metro area saw a 13.8% decrease from the previous month. At 8,878 total sales, the number is still quite high. That month-over-month drop is largely driven by July’s 20-year record-breakingly high sales numbers. Comparing monthly sales to August 2019, the market has seen a 1.7% increase.

List Price

data showing new list price up to 445k over 335k yoy

Data via ARMLS®

August list prices saw a +19.4% year-over-year increase, landing at $445.4K. At $335K, a +13.6% increase from August 2019, median list prices are also high.

Sale Price

chart showing sales price at 398k vs. 325k YOY

Data via ARMLS®

Throughout the summer months, sale prices have been rising, but August saw the largest jump. At $398.8K, sale prices are up +17.7%, compared to August 2019. That’s a significant increase considering July saw only a 14.6% year-over-year increase in average sale prices, while June’s increase was just 1.4%.

At $325K, median sale prices are also rapidly jumping up with a +16.1% year-over-year increase. If you’re wondering if this will continue, forecasts predict the sale prices to rise again in September.

Days on Market (DOM)

chart showing average days on market down to 51 from 63 YOY

Data via ARMLS®

We have good news if you’re looking to sell quickly. The Average Cumulative Days on Market is dropping steadily. The average for 2020 is 51, which is a 4 day decrease from July 2020 and a 12 day decrease from August 2019.

Want to Know Your Home’s Value?

With prices rising quickly, your home’s value is likely going up as well! Find out how much your home is worth by requesting a free home value report from a Homie pro. Click here to get your free report!

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

Learn more about Arizona real estate.

How to Find a Real Estate Agent in Arizona
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Source: homie.com

Homie’s Greater Phoenix, AZ Housing Market Update January 2021

Phoenix January 2021 Market Report

2021 is already starting off strong for the Arizona housing market. Check out the January happenings!

Monthly Sales

According to data from the ARMLS ® from January 1, 2021 to January 31, 2021, the Phoenix metro area had 7,076 monthly sales, an +11.8% year-over-year increase, landing at 7,076. This number is a 26.8% drop from the previous month’s sales, however.

Monthly Sales

Data From ARMLS®

List Price

With a +10.8% increase from January of 2020, the average list price in Phoenix this January was $471.4K. Median prices also rose in January, landing at $347.7K, a +12.2% increase from December.

New List Prices

Data From ARMLS®

Sale Price

Sale prices continue to rise faster and faster. With an increase of +20.6% between January 2020 and January 2021, the average list price this month was $439.6K. Median sale prices also rose with +17.3% year-over-year increase. The January median sale price was $340.0K. This increase is 3% larger than the previous month’s increase in median sale price. Both median and average sale prices are expected to rise again in February.

Sales Prices

Data From ARMLS®

Days on Market (DOM)

The Average Cumulative Days on Market in January was 46. This is a three-day increase from the previous month, however, it’s an 18-day decrease from January 2020, showing the market is still quite hot, especially for this time of year.

Average Days on Market

Data From ARMLS®

A Message From Wayne Graham, Head of Real Estate

All indications point to the Phoenix market continuing to be strong in 2021. We have a strong start to the year coming off a record year in 2020. The demand for homes is high as interest rates are still low so we expect homes to continue to sell quickly. Now is the time to jump into the Phoenix market and take advantage of record sales and high demand.

Want to Know Your Home’s Value?

Are you thinking of selling soon? Are you wondering how these market trends affect your home? We can help you determine your home’s value. Click here to request your free home value report prepared by a Homie pro.

Turn to a Homie

Whether you’re buying or selling, our team of experienced professionals will help you make the most of your real estate experience. Click to start selling or buying with your dedicated Homie agent.

Source: homie.com

Homie’s Arizona Housing Market Update September 2020

The real estate market in the greater Phoenix metro area is booming. Prices continue to rise and homes continue to sell faster and faster. Here’s your monthly update on what’s happening.

Monthly Sales

According to data from the ARMLS® from September 1, 2020 to September 30, 2020 the Phoenix metro area saw 9,305 total sales in the month of September. This is a +4.8% from the previous month. Looking at the year-over-year comparison, the jump is even higher. September 2020’s monthly sales are +18.5% higher than monthly sales in September 2019.

chart showing monthly sales for 2020 at 9305 vs 7850 in 2019.

Data via ARMLS® September 2020.

List Price

September list prices saw a +11.1% year-over-year increase, landing at $458.8K. At 335K, an +11.7% increase from September 2019, median list prices are also high.

Chart showing list price for 2020 at 458.

Data via ARMLS® September 2020.

Sale Price

At $410.9K, sale prices are rising. This is a +23.1% increase from last September and a +3% increase from August of this year. At $329K, median sale prices also rose with +17.5% increase from September 2019.

Both the average and median sale prices are rising quicker and quicker. September’s +23.1% year-over-year increase in average sale price is a jump up from August’s +17.7% year-over-year comparison. Before that, July’s increase was +14.6%, while June only had a year-over-year increase of +1.4%. The median sale price is following a similar upward trend. If you’re looking to invest in a home in this market, buying sooner may be better than later.

sales price chart comparing 2020 average at 410.9k vs 329k in 2019

Data via ARMLS® September 2020.

Days on Market (DOM)

The Average Cumulative Days on Market continues to drop. Homes are selling faster and faster every month. The average DOM for September 2020 was 46, which is a 5-day decrease from August 2020 and a 13-day decrease from September 2019.

Average days on market 2020 46 vs. 59 in 2019.

Data via ARMLS® September 2020.

A Message From Sales and Operations Manager, Wayne Graham

There is no doubt about it, the Phoenix market is not slowing down. After another record-setting month of September and October is already shaping up to do the same. Despite our depressed economy due to Covid-19, the Phoenix real estate market will continue to surpass all expectations for 2020.

Want to Know Your Home’s Value?

Are you thinking about taking advantage of how hot the market is by selling your home? Click here to get your free home value report.

Turn to a Homie

Homie has local real estate agents with years of experience and an unrivaled knowledge of the local Arizona market. Click to start selling or buying with your dedicated Homie agent.

All data retrieved from ARMLS®.

Source: homie.com

Homie’s Las Vegas, Nevada Housing Market Update September 2020

Even as Las Vegas finally starts to cool down, the real estate market keeps on heating up. Read below for Homie’s update.

In September, the real estate market saw growth on all fronts including # of listings, # units sold, and in terms of median listing and sales price. The market also saw month-over-month growth which might indicate that buyers and sellers are becoming more comfortable in the existing real estate market. Here’s the full breakdown:

Monthly Sales

According to the data from the GLVAR® from September 2020, Las Vegas real estate realized a whopping 18.9% increase in the number of single-family units sold compared to 2019.

housing snapshot comparing single family homes to townhomes/condos this year

List Price

Average new list prices stay strong year over year as September records a 9.3% increase in new listing prices for single-family units and a strong 13.6% increase for condo/townhouse units.

chart showing average and median list price for homes rising in 2020 compared to 2019

Data from the GLVAR® from September 2020 and September 2019.

Sale Price

Property prices continued to grow as this seller market keeps on strong. We saw an 8.8% increase in year-over-year median price for single family units, and also a 14.3% increase in year-over-year median price for condos and townhouses.

chart showing increase in sales price on homes in 2020 compared to 2019

Data from the GLVAR® from September 2020 and September 2019.

Days on Market (DOM)

We saw the Average Cumulative Days on Market continue to decrease in September 2020, as demand for this market continues to go strong. Now averaging a short 45 days on market versus 81 Average Cumulative Days on Market in 2019. This is a strong indicator that the real estate market is making a recovery in Las Vegas as buyers and sellers are much more comfortable to buy and sell, fast!

Average days on market lower in 2020 compared to 2019.

Data from the GLVAR® from September 2020 and September 2019.

Want to Know How Much Your Home’s Value?

Want to know how much your home is worth? Click here to request your home value report.

Turn to a Homie

Homie has local real estate agents in all of our service areas. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.

Call us at (702) 550-1081

Message us on Facebook.

Or create an account with Homie.

Presented by Homie, NV Lic. # B.144145

Source: homie.com

Homie’s Utah Housing Market Update October 2020

The real estate market fluctuates often. The local Utah market isn’t an exception! Here’s your monthly update on what’s happening.

Data from Utah MLS from October 1, 2020 to October 31, 2020.

Monthly Sales

According to data from the Utah MLS from October 1, 2020 to October 31, 2020 monthly sales in Utah are rising. At 5,602, there were 417 more monthly sales in October of this year than in September. This is a +15.4% increase from October 2019.

graph showing 5,602 monthly sales in Oct. 2020 compared to 4,213 in Oct. 2019

Data via Utah MLS.

List Price

It’s not just inventory that’s rising, but list prices are rising in Utah, as well. October’s median list price was $369K, a +12% year-over-year increase.

data bubble showing 369k as the median list price in Oct. 2020, 12% increase year over year

Data via Utah MLS.

Sale Price

At $370K, Utah’s sale median sale prices are sitting slightly higher than the median list price. This number is $50K, or +15.6%, higher than sale prices in October 2019.

graph showing median sale price at 370k in Oct. 2020 compared to 322k in Oct. 2019

Data via Utah MLS.

Days on Market (DOM)

Homes in Utah are flying off the market faster and faster all the time. October’s average number of Days on the Market was 9. The previous month’s average DOM was 11, while October of 2019 had an average of 29. This is a whopping -69% decrease. If you’re looking to buy a house, you’ll need to move faster than before.

graph showing average days on market in Oct. 2020 as 9 compared to Oct. 2019 at 28

Data via Utah MLS.

Number of Homes Listed With Homie

A total of 231 homies listed their homes with Homie during the month of October.

Stat showing 231 homes listed by Homie in Oct. 2020

Data via Homie Real Estate.

Turn to a Homie

Homie has local real estate agents in all of our service areas, including throughout Utah. These agents are pros in everything they do, and understanding the local real estate market is their passion. Click to start selling or buying and to get in touch with your dedicated agent.

Source: homie.com