Most of the news you hear on the radio or TV relates to macro real estate markets; what is happening throughout the nation. For most of you living in the city or suburbs of Denver, this number has very little value. Even the numbers for the Denver Metro Area may or may not indicate what is happening in your neighborhood or more specifically with your own home value. These micro markets are more likely to affect you personally. The best way to find out what is happening with homes like yours is to have an Appraisal or Custom Market Analysis (CMA) competed by a competent Appraiser or Real Estate Agent.
- The next best way to get the information you need is through HousesInParker.com’s Trends at a Glance which allows you to quickly and easily see the real estate trends of each unique neighborhood (by the neighborhood as a whole and by size of home). You can also see the trends by house type in the linked reports. The Key Home Team uses four indicators to evaluate home values:
Key Home Team’s Four Home Market Indicators:
1. Change in Sold Price – shows if prices have increased or decreased in the last year compared to the year before.
2. Change in # Sold – shows if the number of sales is going up or down
3. Change in Days on Market (DOM) – shows if homes are taking more or less time to sell
4. Months of Inventory – shows how many months of inventory are available.
When selling or buying a home it is important to examine each of these four indicators to see what these micro-markets are doing. For example, let’s see what was happening in the Parker North Subdivision at the end of March 2011.
The area as a whole was a buyers market, due to the fact that the smaller homes had depreciated 10% and the number of sales were down. The good news is that the medium homes are actually doing quite well. They saw an appreciation of 4.8% and the number of sales doubled. Not only that, but the DOM fell 58% and there is only 3 Months of Inventory. This is easy to see on the map: the medium homes are all green and the small homes all red.
Visit: http://www.housesinparker.com/Reports/ParkerNorthTrends.pdf to see the detail stats of Parker North.
Don’t sit on the sidelines and miss out on buying a bargain home, especially when the micro market shows your size home has just become a seller’s market allowing you to sell your home quickly and for the more money.
Go to Parker Home Trends to find information about your neighborhood.
If you would like a FREE Custom Market Analysis for your home, email info@HousesInParker.com: