By the numbers, the inventory of available homes for sale is 3,443 homes at December month end, 2,197 homes came onto the market, 2,486 homes went under contract, and 3,890 homes closed at a median sold price of $385,000 and an average sold price of $437,224 resulting in a closed dollar volume of $1.7 Billion.
Monthly Market Recap:
Single Family: Condo:
Active Inventory is 2,448 Active Inventory is 995
Sold Homes is 2,745 Sold Homes is 1,145
Average Price is $477,624 Average Price is $340,372
Median Price is $412,000 Median Price is $280,000
Average Days on Market is 44 Average Days on Market is 59
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 38,543 Sold Homes is 15,907
Average Sold Price is $475,181 Average Sold Price is $316,348
Median Sold Price is $408,000 Median Sold Price is $266,500
Average Days on Market is 33 Average Days on Market is 42
Source: REcolorado.com – January 5, 2018
The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
2017 was another record setting year with 54,450 homes sold and a closed dollar volume of $23.3 Billion. Happy New Year and whether you are a Seller or a Buyer, be prepared as Metro Denver continues to be one of the destination cities in the United States. In closing the year and looking forward into 2018, the top concerns are tight inventory, home affordability, ownership issues, and increasing interest rates. Now is the time to reach out to a REALTOR®.
Advice to Sellers:
Happy New Year - 2018 is here and as a Seller, what can you expect from the Denver home market? Overall the Denver home market will continue to move forward; but at a slower pace than 2017. Buyer demand will continue to be strong as Denver continues to be a destination city. Price appreciation is not expected to be as great as in 2017. New household formations will continue to increase and multi generations will look to buy. Denver will see more Buyers from all over the world. Denver will continue to be in the top 10 home markets in 2018. Consumers will continue to focus on home ownership. New home builders will focus on increasing the availability of their new home models and try to reduce the time needed to build a new home.
Buyers today continue to be savvy and more educated when it comes to home markets. Sellers need to know where they want to live. Home closing time frames are now increasing by at least a week. As a Seller, do not forget the home selling basics, make your plan and stick to it.
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:
Happy New Year - 2018 is here and as a Buyer, what can you expect from the Denver home market? 2018 will bring increased home mortgage interest rates, continuous changes to the closing process, home price appreciation, strong Buyer demand as Denver continues to be a destination city, an increase in household formations, more and more Buyer competition will come from all over the world, and market conditions that may challenge all. The definition of what makes a home is dramatically evolving from tiny home to multi generational. 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.
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