Denver Real Estate Market Update May 2018

Denver Real Estate Market Update April 2018

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7 COUNTY METROPOLITAN DENVER MARKET UPDATE

MAY, 2018

By the numbers:

- The inventory of available homes for sale is 4,562 homes at April month end

- 6,389 homes came onto the market

- 5,169 homes went under contract

- 4,518 homes closed

- Median sold price $415,000

- Average sold price $481,576

- Closed dollar volume of $2.176 Billion. 

Monthly Market Recap:

Single Family:

Active Inventory is 3,365

Sold Homes is 3,186

Average Price is $535,675

Median Price is $451,000

Average Days on Market is 26

Condo:

Active Inventory is 1,197

Sold Homes is 1,332

Average Price is $352,177

Median Price is $295,000

Average Days on Market is 48

Year To Date Market Recap:

Single Family:

Sold Homes is 10,267

Average Sold Price is $510,775

Median Sold Price is $435,000

Average Days on Market is 34

Condo:

Sold Homes is 4,552

Average Sold Price is $346,092

Median Sold Price is $290,050

Average Days on Market is 68

Market Facts:

The Denver home market saw more listings for sale in April, an increase in homes going under contract, and more homes closing at record prices, especially in the lower ranges.  Buyer demand continues to outpace the homes available for sale.  Buyers are creative in their offers and Sellers are looking at all options.  As a Seller or Buyer, be prepared as the prime season has been creative and a market frenzy in some areas and price ranges.  As always, be prepared and get real about your expectations.

Advice to Sellers:

Now is the time to sell as 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 still.  As a Seller, the most important thing in our current market is to 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 to continue in some areas and price ranges.  Buyers look for a lasting impression such as curb appeal, yard size and location on the outside as well as energy efficient lighting, de-cluttered space, staged, smart and healthy, and valued home improvements on the inside.

Manage your expectations, be flexible, be civil, and accept the offer that works best for you the Seller.

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:

Now is the time to buy as the Denver home market is strong and healthy and interest rates are rising. As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction.  The Denver home market has been very creative again this Spring with multiple offers, bidding opportunities, and price appreciation in some areas and price ranges.  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.

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.