Denver Real Estate Market Update February 2018

Denver Real Estate Market Update February 2018!

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7 COUNTY METROPOLITAN DENVER MARKET UPDATE
FEBRUARY, 2018

By the numbers:

- The inventory of available homes for sale is 3,426 homes at January month end
- 3,887 homes came onto the market
- 2,553 homes went under contract
- 2,717 homes closed
- Median sold price $380,000
- Average sold price $442,169
- Closed dollar volume of $1.2 Billion.

Monthly Market Recap:

Single Family:
Active Inventory is 2,455
Sold Homes is 1,873
Average Price is $485,069
Median Price is $415,000
Average Days on Market is 43

Condo:
Active Inventory is 971
Sold Homes is 844
Average Price is $346,964
Median Price is $282,746
Average Days on Market is 71

Year To Date Market Recap:

Single Family:
Sold Homes is 1,873
Average Sold Price is $485,069
Median Sold Price is $415,000
Average Days on Market is 43

Condo:
Sold Homes is 844
Average Sold Price is $346,964
Median Sold Price is $282,746
Average Days on Market is 71
Market Facts:

January recorded the start of the Denver 2018 home market with consumer focus on home ownership. Buyer demand remains strong and the inventory of active listings remains low. Buyers and Sellers need to be aware of all facts impacting the Denver home market. The prime home selling and buying season is around the corner and as a Seller or a Buyer, be prepared as the prime season will start soon. We continue to see price appreciation and market changes.

Advice to Sellers:

Recognizing that “Housing Forecasts” predict a healthy real estate market for 2018, Seller’s need to be aware that the housing market is forecasted to be a Seller’s market due to strong Buyer demand, relatively low inventory of homes for sale, and reasonable price appreciation. With this being said, here are some top tips for 2018 Seller’s. List your home during the prime home selling and home buying season which is just around the corner. Strong Buyer demand will benefit Sellers. Second, price your home to the market. Beware of pricing for homes sold in or near your neighborhood or are a similar home to yours. Third, consider what you as a Seller needs to do to your home or if you may need to offer incentives to make the home more marketable.

Denver will see many Buyers from all over the world and consumers will continue to focus on home ownership.

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:

The 2018 housing market is forecasted to be primarily a Seller’s market mainly due to strong Buyer demand and low inventory of homes for sale. The prime home selling and buying season is just around the corner and expect another market frenzy year. As a Buyer, be the early bird and get into the home market now, do your homework, and be approved for the best mortgage option for you, consider buying a new home that meets your expectations, and look at the entire home market. Be aware of moderate home price appreciation and potential increase in mortgage interest rates. 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.