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