By the numbers, the inventory of available homes for sale is 3,426 homes at January month end, 3,887 homes came onto the market, 2,553 homes went under contract, and 2,717 homes closed at a median sold price of $380,000 and an average sold price of $442,169 resulting in a closed dollar volume of $1.2 Billion.
Monthly Market Recap:
|Active Inventory is 2,455||Active Inventory is 971|
|Sold Homes is 1,873||Sold Homes is 844|
|Average Price is $485,069||Average Price is $346,964|
|Median Price is $415,000||Median Price is $282,746|
|Average Days on Market is 43||Average Days on Market is 71|
Year To Date Market Recap:
Single Family: Condo: Sold Homes is 1,873 Sold Homes is 844Average Sold Price is $485,069 Average Sold Price is $346,964 Median Sold Price is $415,000 Median Sold Price is $282,746Average Days on Market is 43 Average Days on Market is 71
Source: REcolorado.com – February 3, 2018The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
January recorded the start of the Denver 2018 home market with consumer focus on home ownership. Buyer demand remains strong and the inventory of active listings remains low. Buyers and Sellers need to be aware of all facts impacting the Denver home market. The prime home selling and buying season is around the corner and as a Seller or a Buyer, be prepared as the prime season will start soon. We continue to see price appreciation and market changes.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
Advice to Sellers:
Recognizing that “Housing Forecasts” predict a healthy real estate market for 2018, Seller’s need to be aware that the housing market is forecasted to be a Seller’s market due to strong Buyer demand, relatively low inventory of homes for sale, and reasonable price appreciation. With this being said, here are some top tips for 2018 Seller’s. List your home during the prime home selling and home buying season which is just around the corner. Strong Buyer demand will benefit Sellers. Second, price your home to the market. Beware of pricing for homes sold in or near your neighborhood or are a similar home to yours. This knowledge will benefit the Seller. Third, consider what you as a Seller needs to do to your home or if you may need to offer incentives to make the home more marketable.
Denver will see many Buyers from all over the world and consumers will continue to focus on home ownership.
Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements, introduction to a net sheet to understand the bottom line, and a conversation on how the market functions. As such, the homeowner looking to sell a home needs a professional who is a local expert, is hyper local market knowledgeable, and can assist in the Professional plan to sell one’s home. Now is the time to reach out to a Professional.
Advice to Buyers:
The 2018 housing market is forecasted to be primarily a Seller’s market mainly due to strong Buyer demand and low inventory of homes for sale. The prime home selling and buying season is just around the corner and expect another market frenzy year. As a Buyer, be the early bird and get into the home market now, do your homework, and be approved for the best mortgage option for you, consider buying a new home that meets your expectations, and look at the entire home market. Be aware of moderate home price appreciation and potential increase in mortgage interest rates. Create your home buying plan and stick to it.
Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared, manage your expectations, and be open to looking at the entire Denver market. Reach out to a Professional today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.