June 2017 ~ 7 County Metropolitan Denver Market Update

Posted by Damon L. Chavez on Friday, June 23rd, 2017 at 8:56am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 5,247 homes at May month end, 6,653 homes came onto the market, 5,439 homes went under contract, and 5,300 homes closed at a median sold price of $380,000 and an average sold price of $435,666 resulting in a closed dollar volume of $2.31 Billion. 

Monthly Market Recap:

Single Family:                                                           Condo:          

Active Inventory is 3,989                                          Active Inventory is 1,258      

Sold Homes is 3,797                                                   Sold Homes is 1,503              

Average Price is $484,003                                         Average Price is $313,554

Median Price is $415,000                                          Median Price is $266,000

Average Days on Market is 26                                  Average Days on Market is 34  

                    

Year To Date Market Recap:

Single Family:                                                           Condo:          

Sold Homes is 14,536                                                 Sold Homes is 6,012  

Average Sold Price is $467,897                                 Average Sold Price is $307,197           

Median Sold Price is $401,257                                  Median Sold Price is $259,500

Average Days on Market is 36                                   Average Days on Market is 38

Source:  REcolorado.com – June 4, 2017

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:

School is now out and 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 homes available for sale.  This is the prime home buying season and we are seeing price appreciation which is a record.  Multiple offers, bidding wars, and appraisal and inspection issues continue to impact the home market.  Sellers should have their home ready to sell.  As always, be prepared. 

Advice to Sellers:

Denver continues to be a destination home market and the Denver home market is a Seller’s market, is strong, is healthy, and Buyer demand is greater than the number of homes for sale.  As a Seller, you must know your home’s value and then have it listed at the right price.  The Denver home market continues to be creative.  Be prepared for multiple offers, bidding opportunities, and requests for incentives.  Manage your expectations, be flexible, be civil, and accept the offer that works best for you the Seller.

Seller Alert:  Be prepared as Buyer offers may be coming from Buyers or online entities.

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:

School is out.  More Buyers are in the market today.  Most Buyers probably want to be in their new home before for the start of the fall school season.  The Denver home market continues to be creative 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.  Buyers should give consideration to be in a secondary position on a home because the market is seeing an increase of contract terminations.  Create your home buying plan and stick to it.

Buyer alert:  Low inventory of active listings equals price appreciation.

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.

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