7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JULY, 2018

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,595 homes at June month end, 6,836 homes came onto the market, 4,870 homes went under contract, and 5,358 homes closed at a median sold price of $417,000 and an average sold price of $483,511 resulting in a closed dollar volume of $2.59 Billion.  

Monthly Market Recap:

Single Family: Condo:
Active Inventory is 4,977 Active Inventory is 1,618
Sold Homes is 3,887 Sold Homes is 1,471
Average Price is $530,535 Average Price is $359,254
Median Price is $450,000 Median Price is $300,000
Average Days on Market is 24 Average Days on Market is 53

 

Year To Date Market Recap:

Single Family: Condo:
Sold Homes is 18,199 Sold Homes is 7,609
Average Sold Price is $518,535 Average Sold Price is $349,930
Median Sold Price is $440,000 Median Sold Price is $295,000
Average Days on Market is 30 Average Days on Market is 60
   

The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

Market Facts:

June now shows a change in the Metro Denver Home Market.  Yes, more homes are now active on the market and price appreciation has slowed down; but, we continue to see many potential home buyers in the Metro Denver market.  Overall, the Metro Denver Home Market continues to be a top home market and this home market is not a “bubble” around the corner. As always, be prepared and get real about your expectations..

Advice to Sellers:

The Metro Denver Seller’s home market continues and Buyer’s are now looking to purchase a home so they can live in a neighborhood that will allow them to have Life Style choices and potentially have their children go to the school of their choice.  As a Seller, you should pretty much know what Buyer’s are looking for and know that you have to create a lasting impression of your home as you are offering your home for sale. Buyer’s continue to focus on “Smart Homes”, “Healthy Homes”, and Life Style choices.

Manage your expectations, be flexible, be civil, and accept the offer that works best for you the Seller.

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 Metro Denver home market continues to be a Seller’s market even though the number of active listings increased in June and the mortgage interest rates decreased by a small percentage.

As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction. The Denver home market is seeing a small slow down which equates to an increase in the number of days a home stays on the market.  Be aware that Sellers are becoming concerned with Buyers who are not really in the home market. As a Buyer, be prepared to act quickly.

The Metro Denver population is increasing and we are seeing Home Buyer’s find their own independence through homeownership.  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.