March 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Tuesday, March 21st, 2017 at 8:36am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 3,531 homes at February month end, 4,316 homes came onto the market, 4,161 homes went under contract, and 2,964 homes closed at a median sold price of $355,000 and an average sold price of $399,269 resulting in a closed dollar volume of $1.2 Billion. 

Monthly Market Recap:

Single Family:                                                           Condo:          

Active Inventory is 2,608                                           Active Inventory is 923         

Sold Homes is 2,043                                                   Sold Homes is 921                 

Average Price is $446,075                                          Average Price is $295,442

Median Price is $393,000                                           Median Price is $253,529

Average Days on Market is 42                                   Average Days on Market is 43                       

Year To Date Market Recap:

Single Family:                                                           Condo:          

Sold Homes is 4,218                                                   Sold Homes is 1,818  

Average Sold Price is $445,411                                 Average Sold Price is $291,760           

Median Sold Price is $385,000                                  Median Sold Price is $248,000

Average Days on Market is 45                                   Average Days on Market is 40 

Source:  REcolorado.com – March 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:

February was another great month in the Denver home market.  Even though consumer confidence increased month over month, the consistent media exposure talked about home price appreciation.  The number of homes for sale remains low.  Buyers and Sellers need to be aware of all facts impacting the Denver home market as the prime home selling and home buying season is here.  Buyers and Sellers must manage their expectations. 

Advice to Sellers:

What should you do if you are ready to sell your home?  First and foremost, properly price your home, make your home shine and stand out from the competition, and de-clutter.  Many current home owners are in the process of preparing their home to be sold by completing renovation and/or upgrades.  Be aware of what are the desirable home improvements that Buyers are looking for.

Here are some things to think about for upgrades:  energy efficient, low emission, tank less water heater, “Next” type thermostats, kitchen upgrade, open floor plan, hardwood flooring, new counter tops, “amped” appliances, and smart and healthy homes.

With continued Denver population growth and consumer demand for home ownership, market frenzy is here and can be expected to continue for the next several months.

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: 

What should you do if you are ready to buy?  First and foremost, focus on your lifestyle and must haves.  Next, pre-qualify so you know what portion of the market you can participate in.  The current Buyer motivation relates to high rents, low number of active homes for sale, and household formation.  Last but not least, do it now.

The prime home selling and buying season is here.  Be aware of moderate home price growth and continuing 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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