April 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Thursday, April 20th, 2017 at 2:53pm.

Market Metrics:

By the numbers, the inventory of available homes for sale is 4,428 homes at March month end, 6,291 homes came onto the market, 4,860 homes went under contract, and 4,480 homes closed at a median sold price of $371,000 and an average sold price of $423,437 resulting in a closed dollar volume of $1.9 Billion. 

Monthly Market Recap:

Single Family:                                                              Condo:          

Active Inventory is 3,341                                           Active Inventory is 1,087      

Sold Homes is 3,187                                                   Sold Homes is 1,293              

Average Price is $467,874                                          Average Price is $313,944

Median Price is $405,000                                           Median Price is $259,500

Average Days on Market is 40                                   Average Days on Market is 34                       

 

Year To Date Market Recap:

Single Family:                                                              Condo:          

Sold Homes is 7,478                                                    Sold Homes is 3,147  

Average Sold Price is $454,811                                 Average Sold Price is $300,659           

Median Sold Price is $393,500                                  Median Sold Price is $250,000

Average Days on Market is 43                                   Average Days on Market is 37

Source:  REcolorado.com – April 8, 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:

Spring is here, more new listings are coming on to the market, now is the time of the prime home selling/buying season, and the market is off and running.  Mortgage interest rates have increased at this time.  Buyer demand is huge.  Active listings are increasing; but, homes are selling fast on average in less than a week.  Be you a Seller or a Buyer, you need to be aware of the home market, all creative activities that are now part of the home buying process, and be prepared. 

Advice to Sellers:

The Denver home market is a Seller’s market.  As a Seller, you must know your home’s value and then have it listed at the right price.  Also, it is to your advantage to list your home during the peak season, which is now.  Last but not least, the Denver home market is now very creative.  Be prepared for multiple offers, bidding opportunities, and requests for incentives.  Do not scare Buyer’s away, take care of your yard and make that good first and lasting impression.

Looking for those good but yet inexpensive Spring home improvements that cost around $1,000 or less?  Here are some suggestions:  siding repair, paint the front door, stain your deck, clean the air ducts, and fertilize your lawn.

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 prime home selling and home buying season is here as the Denver home market is a Seller’s market.  What does this mean to you as a Buyer?  First, active listings of homes for sale coming onto the market are increasing; but, homes are going “under contract” quickly.  As a Buyer, be prepared to move quickly to set up a showing and if the home is the home of your dreams, make an offer now.  Second, 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 of moderate home price growth 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.

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