By the numbers, the inventory of available homes for sale is 5,704 homes at May month end, 7,145 homes came onto the market, 5,043 homes went under contract, and 5,322 homes closed at a median sold price of $417,000 and an average sold price of $479,035 resulting in a closed dollar volume of $2.549 Billion.
Monthly Market Recap:
Single Family: Condo:
Active Inventory is 4,286 Active Inventory is 1,418
Sold Homes is 3,852 Sold Homes is 1,470
Average Price is $526,553 Average Price is $354,518
Median Price is $448,000 Median Price is $302,750
Average Days on Market is 23 Average Days on Market is 37
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 14,229 Sold Homes is 6,075
Average Sold Price is $515,280 Average Sold Price is $347,783
Median Sold Price is $440,000 Median Sold Price is $294,085
Average Days on Market is 31 Average Days on Market is 60
Source: REcolorado.com – June 6, 2018
The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
May was an active month for the Metro Denver home market as we saw more new listings and more homes sold. Many Buyers are in the market with a goal to be in their new home before the start of the fall school season. Buyer demand continues to outpace the active listings. Seller or Buyer, be prepared as the prime season will be creative, a market frenzy, and the prime home market. As always, be prepared and get real about your expectations.
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:
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:
Now is the time to buy as the Denver home market is strong and healthy. Buyer demand is greater than the number of homes for sale. 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 becoming very creative again with multiple offers, bidding opportunities, and price appreciation. Similar to the above comments, be prepared to act quickly. Be aware that Sellers are becoming concerned with Buyers who make a competitive offer, get the home under contract, and later terminate the contract.
The Metro Denver population is increasing and Buyer’s are looking for their American Home Dream. 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.