Tuesday, November 21, 2017
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
By the numbers:
- The inventory of available homes for sale is 5,598 homes at October month end
- 4,410 homes came onto the market
- 4,547 homes went under contract
- 4,462 homes closed
- Median sold price of $377,250
- Average sold price of $435,128
- Closed dollar volume of $1.942 Billion.
Monthly Market Recap:
Active Inventory is 4,107
Sold Homes is 3,133
Average Price is $481,397
Median Price is $410,000
Average Days on Market is 35
Active Inventory is 1,491
Sold Homes is 1,329
Average Price is $326,053
Median Price is $274,500
Average Days on Market is 46
Year To Date Market Recap:
Sold Homes is 32,593
Average Sold Price is $475,347
Median Sold Price is $408,908
Average Days on Market is 31
Sold Homes is 13,397
Average Sold Price is $313,652
Median Sold Price is $265,000
Average Days on Market is 39
Advice to Sellers:
Sellers, Buyers today continue to be educated on the Denver home market. We are in a slower time of year as traditionally the 4th Quarter relates to less home closing transactions per month than in the previous months of the year. With fewer homes available for sale, Sellers need to know if they want to sell their home prior to year-end or wait until next year’s prime season.
As a Seller, you need to be aware of: (1) inspection resolutions that are now taking more time to complete, (2) Buyers that are becoming more focused on smart homes, (3) renovated and energy efficient homes that are becoming a priority, and (4) healthy homes that are now a Buyer focus. Interest rate increases will impact the home market even though home price appreciation remains low.
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, 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:
November is considered to be yet another great month for Buyers. This is because the prime home buying season has passed, the number of Buyers in the Denver home market will be fewer than the previous month, home prices are not increasing as fast as they have in previous months, and there are fewer homes available than in prior months. Be prepared to act quickly, create your home buying plan, and stick to it.
Home pricing will remain constant with little or no price appreciation. Mortgage interest rates remain low; but, affordability cracks are emerging. Sellers are realizing the market is adjusting and as such, they need to determine if they are willing to sell by year end at a potential price decrease or sell next year in the prime season.
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.