Thursday, June 30, 2016
Denver Real Estate Market Update May 2016
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7 COUNTY METROPOLITAN DENVER MARKET UPDATE
By the numbers:
- The inventory of available homes for sale is 5,039 homes at May month end
- 6,450 homes came onto the market
- 5,599 homes went under contract
- 4,792 homes closed
- Median sold price $360,000
- Average sold price $408,286
- Closed dollar volume $1.96 Billion.
Monthly Market Recap:
Active Inventory is 3,920
Sold Homes is 3,432
Average Price is $452,134
Median Price is $394,047
Average Days on Market is 28
Active Inventory is 1,119
Sold Homes is 1,360
Average Price is $297,636
Median Price is $244,000
Average Days on Market is 29
Year To Date Market Recap:
Sold Homes is 13,646
Average Sold Price is $432,781
Median Sold Price is $375,000
Average Days on Market is 37
Sold Homes is 5,566
Average Sold Price is $285,392
Median Sold Price is $234,000
Average Days on Market is 35
School is out and more Buyers are in the market with a goal to be in their new home before the start of the fall school season. Buyer demand continues to outpace the homes available for sale. This is the prime home buying season and we are seeing record price appreciation. Multiple offers, bidding wars, and appraisal and inspection issues continue to impact the home market. Sellers should have their home ready to sell. As always, be prepared.
Advice to Sellers:
Denver continues to be a destination home market and the Denver home market is a Seller’s market, is strong, is healthy, and Buyer demand is greater than the number of homes for sale. As a Seller, you must know your home’s value and then have it listed at the right price. The Denver home market continues to be creative. Be prepared for multiple offers, bidding opportunities, and requests for incentives. Manage your expectations, be flexible, be civil, and accept the offer that works best for you the Seller.
Seller Alert: Wire fraud is on the rise in home selling transactions.
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 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:
School is out. More Buyers are in the market today. Most Buyers probably want to be in their new home before for the start of the fall school season. The Denver home market continues to be creative with multiple offers, bidding opportunities, and price appreciation. Similar to the above comments, be prepared to act quickly. Be aware that Sellers are becoming concerned with Buyers who make a competitive offer, get the home under contract, and later terminate the contract. Buyers should give consideration to be in a secondary position on a home because the market is seeing an increase of contract terminations. Create your home buying plan and stick to it.
Buyer alert: Wire fraud is on the rise for home purchase transactions.
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.