Thursday, July 30, 2015
Thursday, July 23, 2015
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
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:
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
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:
Sold Homes is 17,594
Average Sold Price is $404,337
Median Sold Price is $347,341
Sold Homes is 7,207
Average Sold Price is $253,634
Median Sold Price is $205,000
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.