December 2016 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Thursday, December 15th, 2016 at 10:48am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 3,476 homes at November month end, 3,543 homes came onto the market, 2,295 homes went under contract, and 4,142 homes closed at a median sold price of $350,000 and an average sold price of $400,569 resulting in a closed dollar volume of $1.659 Billion. 

Monthly Market Recap:

Single Family:                                                            Condo:          

Active Inventory is 2,566                                        Active Inventory is 910         

Sold Homes is 2,969                                                 Sold Homes is 1,173              

Average Price is $443,058                                       Average Price is $293,025

Median Price is $376,000                                        Median Price is $247,000

Average Days on Market is 39                                Average Days on Market is 31                       

 

Year To Date Market Recap:

Single Family:                                                            Condo:          

Sold Homes is 34,995                                               Sold Homes is 14,019

Average Sold Price is $441,821                              Average Sold Price is $286,663           

Median Sold Price is $380,000                               Median Sold Price is $239,900

Average Days on Market is 33                                Average Days on Market is 31

Source:  REcolorado.com – December 3, 2016

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:

While the Denver home market continues the seasonal slowdown with a focus on family and holidays, Buyers remain in the market, Sellers are motivated and looking forward, winter weather is on the way, homes for sale remain low, lifestyle choices and smart homes are the number one priority of home buyers, and the Denver economy is continuing to move forward into 2017.  2016 is another record setting year and we will see changes in 2017.

Advice to Sellers:

2017 will be here in a few weeks and as a Seller, what can you expect from the Denver home market?  Let’s look at a 2017 prediction for the Denver home market:

Overall the Denver home market will continue to move forward; but at a slower pace than 2016.

Buyer demand will continue to be strong as Denver continues to be a destination city.

Price appreciation will not be as great as in 2016.

New household formations will continue to increase and multi generations will look to buy.

Denver will continue to be in the top 10 home markets in 2017.

Consumers will continue to focus on home ownership.

New home builders will focus on increasing the availability of their new homes.

Buyers today are savvier and more educated when it comes to home markets.  Sellers need to know where they want to live.  Home closing time lines are now increasing by at least a week.

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:

2017 will be here in a few weeks and as a Buyer, what can you expect from the Denver home market?  Let’s look at a 2017 prediction for the Denver home market:  2017 will bring increased home mortgage interest rates, continuous changes to the closing process, lower price appreciation, strong Buyer demand as Denver continues to be a destination city, and an increase in household formations.

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.

CALL ME TODAY!