Wednesday, December 23, 2015

Denver Real Estate Market Update December 2015







7 COUNTY METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2015



By the numbers:



-          The inventory of available homes for sale is 5,215 homes at November month end

-          3,239 homes came onto the market

-          3,895 homes went under contract

-          3,392 homes closed

-          Median sold price $315,000

-          Average sold price $361,291

-          Closed dollar volume of $1.225 Billion. 



Monthly Market Recap:



Single Family:                                                                       

Active Inventory is 4,119                                                      

Sold Homes is 2,358                                                                          

Average Price is $397,269                                         

Median Price is $345,000                                          

Average Days on Market is 34                                                          



Condo:

Active Inventory is 1,096

Sold Homes is 1,034

Average Price is $279,243

Median Price is $224,000

Average Days on Market is 29



Year To Date Market Recap:



Single Family:                                                                       

Sold Homes is 34,590                                                

Average Sold Price is $404,262                                

Median Sold Price is $346,000                                  

Average Days on Market is 30                                  



Condo:

Sold Homes is 14,490

Average Sold Price is $256,197

Median Sold Price is $210,000

Average Days on Market is 26          

Market Facts:



While the Denver home market continues the seasonal slowdown, Buyers remain in the market, Sellers are motivated, the weather is changing to cooler temperatures, homes for sale remain low, lifestyle choice is the number one priority of home buyers, the new home closing rules are impacting the closing time, and the Denver economy is continuing to plow forward into 2016 even though at a forecasted decreasing rate.  2015 is going to be another record setting year.





Advice to Sellers:



2016 will be here in a few weeks and as a Seller, what can you expect from the Denver home market? 



Let’s look at the 2016 forecast for the Denver home market:



-          Overall the Denver home market will continue to move forward; but at a slower pace than 2015.

-          Buyer demand will continue to be strong as Denver is now a destination city.

-          Price appreciation will not be as great as in 2015.

-          New household formations will continue to increase and multi generations will look to buy.

-          Denver will continue to be in the top 10 home markets in 2016.

-          Consumers will continue to focus on home ownership.

-          New home builders will focus on increasing the availability of their new homes.



Buyers today are savvier and more educated when it comes to home markets.  Sellers need to know where they want to live.  Home closing time lines are now increasing by at least a week.



Seller preparation includes:



-          A good pricing comparison analysis

-          Instructions on staging

-          What are the top improvements to make the home show better

-          A conversation on how the market functions. 



As such, the homeowner looking to sell a home needs a professional who is a local expert, and can assist in the Professional plan to sell one’s home



Advice to Buyers:



2016 will be here in a few weeks and as a Buyer, what can you expect from the Denver home market? 



Let’s look at the 2016 forecast for the Denver home market:



-          2016 will bring increased home mortgage interest rates

-          Continuous changes to the closing process

-          Lower price appreciation

-          Strong Buyer demand as Denver is now a destination city

-          An increase in household formations.

  

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.


Sunday, November 22, 2015

Denver Real Estate Market Update November 2015







7 COUNTY METROPOLITAN DENVER MARKET UPDATE

NOVEMBER, 2015



By the numbers:

-          The inventory of available homes for sale is 6,607 homes at October month end

-          5,215 homes came onto the market

-          4,604 homes went under contract

-          4,470 homes closed

-          Median sold price $309,800

-          Average sold price $359,709

-          Closed dollar volume of $1.608 Billion. 



Monthly Market Recap:



Single Family:                                                                       

Active Inventory is 5,243                                                      

Sold Homes is 3,144                                                                          

Average Price is $400,465                                         

Median Price is $345,000                                          

Average Days on Market is 31                                                          



Condo:

Active Inventory is 1,364

Sold Homes is 1,326

Average Price is $263,074

Median Price is $213,500

Average Days on Market is 28



Year To Date Market Recap:



Single Family:                                                                       

Sold Homes is 32,130                                                

Average Sold Price is $404,861                                             

Median Sold Price is $346,000                                  

Average Days on Market is 29                                  



Condo:

Sold Homes is 13,414

Average Sold Price is $254,514

Median Sold Price is $210,000

Average Days on Market is 26



Market Facts:



Three (3) signs of a good market are: you feel it, you see it, and you hear it.  The 7 County Metro Denver home market continues to be strong, buyer demand continues, new homes continue to come onto the market, and the media is constantly telling stories about the home market.  Fourth quarter seasonal slowing is here; but, both Sellers and Buyers are in the market.  Now is a good time to buy a home.  2015 will be another record setting year.





Advice to Sellers:



Buyers today are savvier and more educated when it comes to home markets.  We are in a slower time of year as traditionally the fall season relates to less home closing transactions per month than the prime home buying season.  Sellers need to know where they want to live. 



Top home features that Buyers are hunting for this fall season include: bigger is not necessarily better, economic home maintenance, homes that possess a warmer cozier vibe, up to date kitchen that is sleek, modern looking, with stainless steel fixtures, energy efficient, environmentally friendly, and a home that either has a neutral color or a bright color.



The new closing rules mandated by the Consumer Financial Protection Bureau (CFPB) are now in the second month.  In summary, the new rules will cause a transaction to take longer from acceptance to close.  Home closings are now projected to take 45 to 60 to completion.



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, knowledgeable, and can assist in the Professional plan to sell one’s home.   



Advice to Buyers:



November is considered to be yet another great month for Buyers.  This is because the prime home buying season has passed, the supply of homes available for sale is slowly increasing, home prices are not increasing as fast as they did in the prime home buying season, and there is less Buyer competition today than during the prime season.  As such, a Buyer must still be prepared and still willing to move quickly.  Be prepared and knowledgeable of the new loan rules, their impact on closing dates, and the potential increase in 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.




Wednesday, November 18, 2015

Denver Real Estate Market Report October 2015

Denver Real Estate Market Report October 2015

Thursday, August 27, 2015

Denver Real Estate Market Update August 2015


7 COUNTY METROPOLITAN DENVER MARKET UPDATE

AUGUST, 2015



By the numbers:



  • The inventory of available homes for sale is 6,787 homes at July month end
  • 7,114 homes came onto the market
  • 5,206 homes went under contract
  • 5,557 homes closed
  • Median sold price of $313,000
  • Average sold price of $370,031
  • Closed dollar volume of $2.06 Billion. 



Monthly Market Recap:



Single Family:                                                                       

Active Inventory is 5,413                                                     

Sold Homes is 3,895                                                                          

Average Price is $419,714                                         

Median Price is $350,000                                          

Average Days on Market is 21                                                          



Condo:

Active Inventory is 1,374

Sold Homes is 1,662

Average Price is $253,597

Median Price is $212,000

Average Days on Market is 18



Year To Date Market Recap:



Single Family:                                                                       

Sold Homes is 21,662                                                                        

Average Sold Price is $407,043                                             

Median Sold Price is $349,000                                  



Condo:



Market Facts:

Sold Homes is 8,931

Average Sold Price is $253,836

Median Sold Price is $208,000

The inventory of Active Listings increased in July, rent prices also increased, and while the Denver home market remains a top home market in the nation, we are seeing a seasonal slowdown. School just started and while Buyer pent up demand continues, purchasing a home may be a little easier for Buyers in the coming months.   



Traditionally, the home market slows down this time of year every month until year end.  It is forecast that the slowdown will continue; but, 2015 will be a year of records.





Advice to Sellers:



The Denver home market is seasonally slowing, is considered a top home market in the United States as well as a destination city, and is constantly changing.  In preparing to put your home on the market, consider these home improvements.  Top exterior home improvements are to replace the front door, update the landscape, paint the exterior, add home automation, add a privacy fence, and update the windows.  Top interior home improvements include repaint the interior, upgrade the lighting, update the kitchen counter tops, and change the bathroom tile.  These improvements will add value to your home and leave a lasting impression on the Buyers.



More homes are available for sale on the market and pent up Buyer demand continues; but, the market frenzy noted in the first half of the year is no longer prevalent.   



Advice to Buyers:



Proceeding through the 2nd half of the year, the Denver home market will see fewer transactions each month, continued pent up Buyer demand, and in October changes to the closing process that will now take between 45 and 60 days to complete.  More homes are available for sale, mortgage interest rates continue to change, and even though the market frenzy does not currently exist, the home buying process will cause the Buyer to be prepared.



Remember Buyers, the goal is to get to the finish line and purchase a home that is right for you.



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.   

Thursday, July 23, 2015

22540 E Ontario Dr 204 Aurora CO 80016 - Michael Kozlowski - REMAX Profe...


Denver Real Estate Market Update July 2015


7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JULY, 2015

 By the numbers: 

- The inventory of available homes for sale is 5,577 homes at June month end

- 6,750 homes came onto the market

- 5,576 homes went under contract

- 5,655 homes closed

- Median sold price of $325,000

- Average sold price $374,350

- Closed dollar volume of $2.12 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 4,444                                                      

Sold Homes is 4,028                                                                          

Average Price is $421,244                                         

Median Price is $360,000                                          

Average Days on Market is 24                                                          

Condo:

Active Inventory is 1,133

Sold Homes is 1,627

Average Price is $258,183

Median Price is $215,000

Average Days on Market is 18

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 17,594                                                                        

Average Sold Price is $404,337                                             

Median Sold Price is $347,341                                  

Condo:

Sold Homes is 7,207

Average Sold Price is $253,634

Median Sold Price is $205,000

Market Facts:

June traditionally is the month for vacations and with that said, the market set new records in June but also saw a slight easing of the number one home market in the country! A little over thirty days remain until the start of school which is a Buyer expectation to have a new home by the start of school.   

The Denver home market will continue to be a number one focus because of the limited inventory of homes for sale, new home construction opportunities and challenges, and rising rent prices.  Denver is now a destination location and more consumers are moving to Denver.

Advice to Sellers:

The Denver home market continues to set records, is considered a top home market in the United States as well as a destination city, and is constantly changing.   

In preparing to put your home on the market, consider these home improvements.  Top exterior home improvements are to replace the front door, update the landscape, paint the exterior, add home automation, add a privacy fence, and update the windows.  Top interior home improvements include repaint the interior, upgrade the lighting, update the kitchen counter tops, and change the bathroom tile.  These improvements will add fireworks to your home and leave a lasting impression on the Buyers.

Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements and a conversation on how the market functions.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert and can assist in the Professional plan to sell one’s home.

Advice to Buyers:

With the ever changing Denver home market, Buyers need to be prepared.  More homes are available for sale, mortgage interest rates are changing, escalation clauses in offers are no longer in vogue, highest and best offer is the new offer methodology.  As a Buyer, you do not want to win just for the sake of winning.  You want to win when it is the best for you the Buyer.

Remember the goal is to get to the finish line and purchase a home that is right for you.

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.

 

 

Wednesday, June 24, 2015

Denver Real Estate Market Update June 2015


By the numbers:

-          The inventory of available homes for sale is 5,108 homes at May month end

-          6,720 homes came onto the market

-          5,644 homes went under contract

-          4,848 homes closed

-          Median sold price $325,000

-          Average sold price $374,430

-          Closed dollar volume of $1.8 Billion. 

 
Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 4,036                                                      

Sold Homes is 3,465                                                                          

Average Price is $419,832                                         

Median Price is $358,050                                          

Average Days on Market is 25                                              

 

Condo:

Active Inventory is 1,072

Sold Homes is 1,383

Average Price is $260,710

Median Price is $215,000

Average Days on Market is 19          

 

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 13,448                                                                        

Average Sold Price is $399,201                                             

Median Sold Price is $342,500                                  

 
Condo:

Sold Homes is 5,533

Average Sold Price is $252,472

Median Sold Price is $202,734

Market Facts:

For the next 60 plus days, the prime home buying season will be at its peak.  School is out and Buyers want to be in their new home prior to the start of the new school year.  Buyer demand will continue to remain strong and more Sellers will put their homes on the market.

During this time of the year, both Buyers and Sellers must be prepared because the home market will remain strong, fast, and possibly furious.  Additionally, new Buyers will be coming into the market.

Advice to Sellers:

The Denver home market housing sales continue to show extraordinarily strong growth.  School is out and the next 60 plus days will represent the prime home buying season.  The transition of home ownership won’t be without challenges.  The inventory of homes available for sale continues to remain around a 1.5 month’s supply, mortgage interest rates are showing a slight increase to around 4%, and new classes of Buyers are coming into the market.

Knowing that Buyers have done their homework and set their expectations, a Seller must be prepared for the market.  The top four home features desired by Buyers include updated kitchens and bathrooms, minimal upkeep, energy efficiency, and a home office.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is an expert,  knowledgeable, and can assist in the Professional plan to sell one’s home.   

Advice to Buyers:

The transition to home ownership in Denver won’t be without the challenges of first finding the right home, tight credit, changes to the closing process, and interest rate volatility.  Additionally, Buyers will be competing with other Buyers such as Boomerang Buyers, First Time Home Buyers, and Multi Generational Buyers.

Denver continues to be a top destination and more and more people are moving into the Denver area.  Be aware of this population growth.

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.

Sunday, May 31, 2015

Denver Real Estate Market Update May 2015


Market Metrics:

By the numbers: 

-          The inventory of available homes for sale is 4,765 homes at April month end

-          6,735 homes came onto the market

-          5,439 homes went under contract

-          4,436 homes closed

-          Median sold price of $315,000

-          Average sold price of $361,309

-          Closed dollar volume of $1.6 Billion. 

 
Monthly Market Recap:

 
Single Family:                                                                       

Active Inventory is 3,840                                                      

Sold Homes is 3,158                                                                          

Average Price is $404,384                                         

Median Price is $350,000                                          

Average Days on Market is 29                                  

 
Condo:

Active Inventory is 925

Sold Homes is 1,278

Average Price is $254,869

Median Price is $205,000

Average Days on Market is 21          

 
Year To Date Market Recap:

 
Single Family:                                                                       

Sold Homes is 9,888                                                                          

Average Sold Price is $392,144                                             

Median Sold Price is $339,550                                  

 
Condo:

Sold Homes is 4,105

Average Sold Price is $249,606

Median Sold Price is $200,000

Market Facts:
Today’s higher prices have been expected as the economy improves and the first time and boomerang home buyers return to the market.  Even though demand outpaces supply, there is no indication that a housing bubble is on the horizon even though the Denver home market is now considered number one in the national home market.

Yes, new listings have increased dramatically in April; but, the overall shortage of active listings and the abundance of buyers equal the ingredients for hot, Hot, HOT market in the mid to lower price ranges.

Advice to Sellers:
The spring home market is underway with more homes coming unto the market; but, yet buyer demand exceeds the availability of homes on the market.  What is the one thing a Seller can do?  Create a lasting memory for house hunters otherwise known as Buyers.  Is it curb appeal?  Is it remodeling of the bathroom or kitchen?  Is it new windows and doors?  Is it de-cluttering and staging?  Whatever it is, find that one thing about your home that will leave a lasting memory when your home is shown to a prospective buyer.  Remember that 30% of Americans are looking to buy either in 2015 or next year in 2016.  As such, Buyer demand will remain strong for the remainder of the year and into next year.  With low inventory, increasing household formations, and pent up buyer demand; Sellers should expect many showings, multiple offers, even offers without the prospective Buyer ever seeing the home and creative Buyer outreach either by video, letter, or person to person.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert, knowledgeable, and can assist to sell one’s home.

Advice to Buyers:
Over 6,700 new listings came onto the market this month and yet buyer demand continues to increase as we are moving through the spring home market because of improvement in the overall economy, increase in population, rising rental rates, desire to move, and affordable mortgage interest rates.  Creativity is the name of the game with Buyers as Cash financing is happening more and more, Responsive is number one, Eager is number two, Active is on, Time is of the essence, Involved, Venturesome, Idealic, Thorough, and Yes are the guidelines that Buyers use when looking to buy a home.  Buyers are experiencing frustration as it takes several offers on several homes to acquire a home.

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.

Sunday, April 19, 2015

Denver Real Estate Market Update April 2015


 
 
Denver Real Estate Market Update April 2015

7 COUNTY METROPOLITAN DENVER MARKET UPDATE
APRIL, 2015

By the numbers, the inventory of available homes for sale is:

- 3,704 homes at March month end
- 5,605 homes came onto the market
- 4,936 homes went under contract
- 4,097 homes closed
- Median sold price $313,935
- Average sold price of $356,736
- Closed dollar volume of $1.46 Billion.

Monthly Market Recap:

Single Family:
Active Inventory is 2,937
Sold Homes is 2,878
Average Price is $399,174
Median Price is $343,555
Average Days on Market is 36


Condo:
Active Inventory is 767
Sold Homes is 1,219
Average Price is $256,542
Median Price is $205,000
Average Days on Market is 37

Year To Date Market Recap:

Single Family:
Sold Homes is 6,690
Average Sold Price is $386,750
Median Sold Price is $331,950

Condo:
Sold Homes is 2,808
Average Sold Price is $247,624
Median Sold Price is $195,000

Market Facts:
- The March month ended with record setting transactions when looking back five (5) years.
- Consumer confidence increased in March to 101.3 up from 98.8 in February.
- Early forecasts indicated that the Denver Home Market would be in the top ten; now it looks like the Denver Home Market will be in the top five (5) in the nation.
- Market “frenzy” in the lower price ranges has returned as we are seeing more homes coming onto the market, new listings receiving many showings daily, new listings receiving many offers, and the new listings going under contract in a manner of days.

Advice to Sellers:
While the current inventory of homes available for sale remains low, more homes will be coming onto the market. Buyers will include First Time Home Buyers, Generational Buyers (both young and older), Boomerang Buyers, and Investors. With low inventory, increasing household formations, and pent up buyer demand; Sellers should expect many showings, multiple offers, even offers without the prospective Buyer even seeing the home and creative Buyer outreach either by video, letter, or person to person.

Quick thoughts on how a Seller can leave a lasting impression with a Buyer on his/her home for sale: inspired staging, bold paint jobs, de-clutter each room, make each room feel less personal, new front door, make the home feel fresh and clean, and creative landscaping.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home? Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams. As such, the homeowner looking to sell one’s home needs a professional who is a local expert, market knowledgeable, and can assist in the Professional plan to sell one’s home. Now is the time to reach out to a seasoned Professional.

Advice to Buyers:
Market frenzy is here again. More new listings will be coming onto the market and Buyers will be competing for the home of their dreams with creative offers and creative outreach to the Sellers.

While lifestyle choice remains number one, economic reality is quickly moving up to replace lifestyle choice in the home buying process because of the double digit increase in rent prices in the Denver area, pent up Buyer demand, and the low inventory of homes for sale.

What is a Buyer to do? Manage your expectations, be prepared to participate now as time is of the essence, and remain positive about the home buying process.

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.