The National Association of Realtors (NAR) just published a new report of the fastest selling real estate markets across the U.S. Turns out, the average time it takes to sell a home in Denver is 39 days, according to their numbers. Denver has been the number one fastest selling market for a while and continues to be strong comparatively speaking. They also report the average price for a home sold in Denver is $253,700.

The Numbers Don't Like... Or Do They?

There's a danger in reporting numbers like these on an entire metropolitan, city-wide basis: real estate sales are better understood on a MICRO LEVEL not a macro level. While we can certainly take the data from an MSA like Denver, average it out, and compare it to other Metro's, it's quite misleading to Joe and Jane Homeowner who are considering selling their home. The averages for homes on their street may be dramatically different.

Real estate markets are local. VERY local. What is true about any particular neighborhood may not be true for bordering areas less than a mile away. What's true in Wash Park, may not be true about Cherry Creek, for example. There are countless variables that affect home sales that averaged statistics do not reflect.

What About Wash Park?

After reading this article I downloaded the most recent data (from January 1, 2011 to May 31, 2011) concerning Wash Park. Looking at both East and West Washington Park neighborhoods, here's where we're at:

East AND West Washington Park: Average of 112 days.

If we separate the numbers between East and West side, here's what we get:

East Washington Park: Average of 126 days.

West Washington Park: Average of 92 days.

So, on average it takes a month longer to sell a home on the East side compared to the West side of Wash Park. Most likely that has to do with the home prices. Homes on the East side sell for about $100k more than the West side - on average - and ALL of Wash Park sells at a much higher price point than the overall average of Denver as a whole.

Hmmm... according to the NARticle, Denver's average is 39 days. Big difference. That could spell trouble if Joe or Jane Homeowner's were expecting 39 days.

My whole point is real estate is best understood on a micro level and general numbers that have been averaged out for an entire city, may or may not apply to you.

How Long Will It Take To Sell Your Home?

If you are thinking about selling your home, the best thing you can do is sit down and look at the detailed data for your specific situation. Keep in mind, however, that the numbers do not tell the whole story. Location, updates, your listing price, your original purchase price, your personal priorities, and many other factors affect the time it will take for your home to sell.

I would love to talk to you about your specific situation and give you the information you need to make an informed decision. Call me at (303)506-4052 or email me today and let's talk about it!

Regards,