May 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Monday, May 29th, 2017 at 11:21am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 4,813 homes at April month end, 6,097 homes came onto the market, 5,146 homes went under contract, and 4,460 homes closed at a median sold price of $379,950 and an average sold price of $432,241 resulting in a closed dollar volume of $1.9 Billion. 

Monthly Market Recap:

Single Family:                                                           Condo:          

Active Inventory is 3,638                                         Active Inventory is 1,175      

Sold Homes is 3,137                                                  Sold Homes is 1,323              

Average Price is $481,398                                        Average Price is $315,684

Median Price is $414,100                                         Median Price is $267,500

Average Days on Market is 28                                 Average Days on Market is 42                       

 

Year To Date Market Recap:

Single Family:                                                           Condo:          

Sold Homes is 10,664                                                 Sold Homes is 4,487  

Average Sold Price is $462,176                                 Average Sold Price is $305,060           

Median Sold Price is $399,950                                  Median Sold Price is $255,000

Average Days on Market is 39                                   Average Days on Market is 39

Source:  REcolorado.com – May 6, 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: 

The Denver home market saw more listings for sale, new homes coming onto the market, an increase in homes going under contract, and homes closing at record prices.  Buyer demand continues to outpace the homes available for sale.  Buyers are creative in their offers and Sellers are looking at all options.  Multiple offers, bidding wars, and contract closing issues continue to impact the home market.  As always, be prepared and get real about your expectations.

Advice to Sellers:

Now is the time to sell as 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.  Buyers look for a lasting impression such as curb appeal, energy efficient lighting, de-cluttered space, staged, smart and healthy, and valued home improvements.

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.

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.

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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