SPRINGTIME UPDATE
MAY 25, 2007
It may be seasonal, but who cares!! Showings have increased dramatically
over the last few weeks. During April we scheduled 21,758 showings (725 per
day average). Since last October the average has been about 500 showings
per day. This equates to 13% of all listings being shown each day,
comparable to last year.
April 2007 13%
2006 13%
2005 16.75%
2004 16.75%
2003 20%
2002 22%
MLS statistics show 26,430 active listings, which is down 3.2% from last
year. Unfortunately, the vacant properties still remain at 48%, and
continue to show a frightening increase compared to 46% in the fall of 2006,
42% in August 2006, 40% in the fall of 2005, and March 2004 with 35% being
vacant.
According to The Zillow Index, values in the Denver-Boulder-Greeley area
have declined 1.9% from the same time period 2006, The Zillow Index uses
sales data that goes a step beyond Realtor data, and uses not only resale
homes but also statistics from new homes and for-sale-by-owner transactions.
MLS statistics are slightly more alarming, showing a decrease of 3.1% in
combined single family/condo sales or 3.59% decrease for single family homes
and condos dropping less than 1% from 2006. (Perhaps the condo market is
finally starting to improve!!)
Gordon Von Stroh, longtime guru of vacancy statistics for the Denver market,
reports the overall vacancy rate in the first quarter stood at 7.1%. The
last time vacancies were lower was in the first quarter was 2001 (4.5%).
Rents have continued to decline slightly, but historically when occupancies
rise, so do rental payments. This should be an excellent time for investors
to look hard at many of the great opportunities in our market. (Professor
Von Stroh's figures utilize numbers from apartment complexes and do not
include smaller multi-unit properties and single family homes. Although we
cannot statistically validate vacancies in these smaller properties,
anecdotally it appears to be even lower.)
Please be sure to keep us updated when the status of your properties change.
It only takes a few seconds on the internet (www.rerconline.com or
http://rerconline.com/uplist.html). This makes you look more professional
in the eyes of your sellers as well as other agents AND means the showing
statistics we provide everyone are more accurate. (If you need a list of
the properties we show for you or your office, please just send us an email
to frontdesk@rerconline.com.
Have a happy a safe holiday weekend.don't forget to buckle your seat belt
and wear your sunscreen.
Alice Marsh
For emails of the source articles or further information about Real Estate
Resource Center, Inc., Colorado's Premier Showing Service, currently
providing service to more than 3,000 agents, contact Julie Bobb or Alice
Marsh at 303 399-9930 or visit www.myshowingservice.com.
