March 2016 - Seven (7) County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Wednesday, March 16th, 2016 at 1:36pm.

 

RE/MAX Professionals 

 

SEVEN (7) COUNTY METROPOLITAN DENVER MARKET UPDATE

MARCH, 2016 

Market Metrics: 

By the numbers, the inventory of available homes for sale is 3,627 homes at February month end, 4,081 homes came onto the market, 3,971 homes went under contract, and 2,925 homes closed at a median sold price of $328,000 and an average sold price of $375,696 resulting in a closed dollar volume of $1.1 Billion.   

Monthly Market Recap: 

Single Family:                                                            Condo:          

Active Inventory is 2,847                                           Active Inventory is 780         

Sold Homes is 2,024                                                   Sold Homes is 902                 

Average Price is $417,538                                          Average Price is $282,106

Median Price is $360,000                                           Median Price is $226,000

Average Days on Market is 46                                   Average Days on Market is 42                      

 

Year To Date Market Recap: 

Single Family:                                                            Condo:          

Sold Homes is 4,066                                                   Sold Homes is 1,706  

Average Sold Price is $414,851                                 Average Sold Price is $276,572        

Median Sold Price is $354,000                                   Median Sold Price is $221,250

Average Days on Market is 46                                   Average Days on Market is 42

 Source:  REcolorado.com – March 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: 

February was another amazing month in the Denver home market.  Even though consumer confidence decreased month over month, the consistent media exposure talked about the #1 home market being the Denver area.  The number of homes for sale set a new record low.  With that being said, active listings are in high demand.  Buyers and Sellers need to be aware of all facts impacting the Denver home market as the prime home selling and buying season is here. 

Real estate is local.  While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market. 

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

MARCH, 2016 

Advice to Sellers: 

What should you do if you are ready to sell your home?  First and foremost, don’t overprice 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; but, they are doing upgrades that are costly, not necessarily desirable by potential buyers, and negative net returns. 

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 multiple charging stations. 

With continued Denver population growth and consumer demand for home ownership, market frenzy can be expected 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. 

CALL ME TODAY! 

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 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. 

CALL ME TODAY!