August 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Tuesday, August 22nd, 2017 at 8:31am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,506 homes at July month end, 6,036 homes came onto the market, 4,903 homes went under contract, and 4,922 homes closed at a median sold price of $380,000 and an average sold price of $438,611 resulting in a closed dollar volume of $2.16 Billion. 

 

Monthly Market Recap:

Single Family:                                                             Condo:          

Active Inventory is 4,947                                         Active Inventory is 1,559      

Sold Homes is 3,542                                                   Sold Homes is 1,380              

Average Price is $485,850                                         Average Price is $317,362

Median Price is $415,000                                          Median Price is $269,000

Average Days on Market is 26                                 Average Days on Market is 39                       

 

Year To Date Market Recap:

Single Family:                                                              Condo:          

Sold Homes is 22,332                                                 Sold Homes is 9,030  

Average Sold Price is $475,185                                Average Sold Price is $312,598           

Median Sold Price is $408,000                                 Median Sold Price is $262,750

Average Days on Market is 32                                  Average Days on Market is 39

Source:  REcolorado.com – August 5, 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: 

The July home market continues the slowdown from June.  July is the month most popular for vacations and active listings stay on the market longer due to less focus on the home hunt and more focus on family time and school preparation.  Multiple offers have slowed down and the July open house times and showings have decreased.  Mortgage interest rates continue to remain steady.  New home builders continue changing their products.  As always, be prepared. 

Advice to Sellers:

The Denver Seller’s market is showing a slowdown in July and Buyer’s were more focused on family activities and school preparation.  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) stage the yard, (2) clean, clean, clean, (3) remodel or upgrade, (4) de-clutter and stage your home, (5) use professional photographs and videos, and (6) price effectively.  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 currently feels slightly more balanced in certain areas.  July was a month that saw fewer Buyers in the market due to vacations and other family activities.  In most cases school districts have now started the new season.  Be prepared to act quickly, create your home buying plan, and stick to it.

A review of recent articles and blogs indicate that the mortgage interest rates may not increase, so Buyers should still find out how much they can borrow with the current interest rates. 

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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