September 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Friday, September 15th, 2017 at 8:38am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,506 homes at August month end, 5,938 homes came onto the market, 4,873 homes went under contract, and 5,152 homes closed at a median sold price of $375,000 and an average sold price of $427,188 resulting in a closed dollar volume of $2.2 Billion. 

Monthly Market Recap:

Single Family:                                                             Condo:          

Active Inventory is 4,902                                           Active Inventory is 1,604      

Sold Homes is 3,590                                                    Sold Homes is 1,562              

Average Price is $476,180                                          Average Price is $314,587

Median Price is $409,000                                           Median Price is $270,750

Average Days on Market is 28                                   Average Days on Market is 38                       

Year To Date Market Recap:

Single Family:                                                             Condo:          

Sold Homes is 26,056                                                   Sold Homes is 10,647

Average Sold Price is $475,502                                  Average Sold Price is $312,756           

Median Sold Price is $408,000                                   Median Sold Price is $265,000

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

 Source:  REcolorado.com – September 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:

Summer nears the end.  For the second consecutive month, the home market continues a slowdown and seasonal cooling. The home market continues to be a Seller’s market; but, Buyers are not as aggressive as they have been in the past.  Low inventory of active listings continues to impact the home market.  Price appreciation is also slowing down.  New home builders continue changing their products.  As always, be prepared.

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. 

Advice to Sellers:

The Denver Seller’s market continues a slowdown.  With sales slowing and the inventory of active listings reaching its seasonal peak, the Denver home market is cooling.  It is time as a Seller to focus on the following six (6) items:  (1) enhance the kitchen, (2) redo flooring, (3) update the bathrooms, (4) bring in new cabinetry, (5) update electrical wiring and wire for internet, and (6) add lots of storage.  Always remember that as a Seller you need to leave a great lasting impression on all Buyers when they are shown your home.  Home builders continue changing their product line; so, this may be new competition.

The Denver home market is seeing a decrease in showings, fewer multiple offers, and buyers who are cognizant of the market change.  Yes, buyers want to own a home; but with more homes available on the market, they are looking at all active listings within their home choices.

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 Denver home market continued to show signs of leveling off and preparing for the upcoming fall season.  We will see a slowdown of activity; but, overall the home market will continue to be the Buyer’s destination.  Be prepared to act quickly, create your home buying plan, and stick to it.

There are discussions going on regarding a “housing bubble”.  In reality, this is only a discussion because this home market is seeing more incoming Buyers into the market and certain generational individuals becoming Buyers.

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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