July 2017 ~ 7 County Metropolitan Denver Market Update

 

Posted by Damon L. Chavez on Friday, July 21st, 2017 at 11:22am.

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,237 homes at June month end, 7,053 homes came onto the market, 5,288 homes went under contract, and 5,480 homes closed at a median sold price of $387,747 and an average sold price of $449,433 resulting in a closed dollar volume of $2.46 Billion. 

Monthly Market Recap:

Single Family:                                                               Condo:          

Active Inventory is 4,700                                      Active Inventory is 1,537      

Sold Homes is 3,973                                               Sold Homes is 1,507             

Average Price is $494,138                                     Average Price is $331,574

Median Price is $420,000                                      Median Price is $275,000

Average Days on Market is 23                              Average Days on Market is 39                      

 

Year To Date Market Recap:

 Single Family:                                                               Condo:          

Sold Homes is 18,602                                             Sold Homes is 7,584 

Average Sold Price is $473,386                            Average Sold Price is $312,068        

Median Sold Price is $405,350                             Median Sold Price is $261,000

Average Days on Market is 33                              Average Days on Market is 38

 Source:  REcolorado.com – July 6, 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:

Overall, June continues to be a record setting month.  The Denver home market continues to be hot; but, now loosening up for Buyers as the rate of price growth is slowing and the number of homes available for sale are increasing.  Mortgage interest rates continue to increase.  Multiple offers, bidding wars, appraisal and inspection issues, and wire fraud continue to impact the home market.  As always, be prepared. 

Advice to Sellers:

The Denver Seller’s market continues and Buyer’s are remaining in the market.  As a Seller, you should pretty much know what Buyers are looking for and know that you have to create a lasting impression as you are offering your home for sale.  Are you aware that Buyers are now looking for “Smart Homes”?  Smart homes are energy efficient and convenient.  Smart homes now have new thermostats, lighting control, appliance automation, and security.  Is your home a Smart Home?

Are you aware that certain Buyers are now making offers on homes available for sale without even having a showing time set or actually seeing the home?

Be aware that Smart Homes, Healthy Homes, and Life Style choices are a Buyer priority.

 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 continues to be a Seller’s market even though the number of active listings increased in June.  Buyer’s creativity remains with multiple offers, bidding opportunities, and price appreciation.  Similar to the above comments, be prepared to act quickly.  Create your home buying plan and stick to it.

Metro Denver population is increasing.  Metro Denver home Buyers now represent every age group.  Buyers are looking for their American Home Dream.

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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