The Oscar Goes To...The Premier Condo Market

The Premier residential market was feeling the love in February with its sales volume increasing 6.18 percent month over month, and 12.12 percent year over year. Sellers loved that their homes were not taking as long to sell in February with the days on market down 32.74 percent from the prior month to 76 days. No President’s Day sales were happening in the Premier single-family segment of the market, as the price per square feet increased 4.32 percent from the prior month. The average price of a single-family home in the Premier market was  $589,683 - up 0.07 percent from the prior month. With 999 active residences (single-family) at the end of February, and 1.99 months of inventory, buyers had more to choose from compared to homes under $500,000, but needed to act quickly when a listing came on the market. In the category of highest year-to-date percentage increase in sales and sales volume, 2017 over 2018, the Oscar goes to…the Premier condo market at 24.83 percent sold and 23.93 percent sales volume at over $100 million. Days on market for Premier condos was striking at 237 days, down 27.30 percent from the prior month. There were 261 active listings and 3.18 months of inventory in this segment of the market, so buyers had more to choose from in the Premier condo market over other segments of the market.  Download the full March market trends report here.  

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Buy vs. rent: Guiding clients through the age-old dilemma - Inman News

With millennials’ preference toward a mobile lifestyle, the question of “buy versus rent” is prevalent among a demographic that constitutes a large segment of our first-time homebuyers.

Furthermore, baby boomers are confronted with the same question for varied reasons that include a newfound desire to be mobile and investing in a market that is appreciating from the aftermath of the recent housing bubble.

Real estate agents well-versed on the variables that determine whether a client should pursue homeownership instead of a lease, are positively guiding people through this major life decision.

So posed with the question of whether to buy or rent, what is the answer?

If you do the math, buying in booming markets such as San Francisco, New York, Boston, Los Angeles and my hometown of Denver becomes less expensive than renting over time; plus, with property values rising, it is generally favorable to purchase a home as a long-term investment.

“Renters who want to become buyers hear the buzz that there is a frenzy in the real estate marketplace with multiple offers, over list price and low inventory, so they are nervous to enter into the homebuying market, and they are sticking to renting,” said Denver-area Realtor Brigette Modglin.   <<Read More >>