Thursday, January 10, 2019
Denver Real Estate Market Update January 2019
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
By the numbers:
- The inventory of available homes for sale is 5,034 homes at December month end
- 2,168 homes came onto the market
- 2,518 homes went under contract
- 3,364 homes closed
- Median sold price $395,000
- Average sold price $451,792
- Closed dollar volume $1.520 Billion.
Monthly Market Recap:
Active Month End Inventory is 3,454
Sold Homes is 2,418
Average Price is $494,153
Median Price is $425,000
Average Days on Market is 48
Active Month End Inventory is 1,580
Sold Homes is 946
Average Price is $343,517
Median Price is $294,650
Average Days on Market is 71
Year To Date Market Recap:
Sold Homes is 36,706
Average Sold Price is $512,638
Median Sold Price is $437,000
Average Days on Market is 32
Sold Homes is 15,247
Average Sold Price is $347,036
Median Sold Price is $295,000
Average Days on Market is 58
The Metro Denver home market changed in 2018 and is moving towards a Buyer’s market due to increased inventory, 2019 overall will continue to be a Seller’s market with many Buyers and price appreciation. The last few months have seen the number of active listings decrease, the number of homes sold decrease, home price appreciation slowing down, buyer and seller demand changing, and mortgage interest rates increasing. As a Buyer or Seller, know what is happening in the home market and the local, state, and national economy.
Advice to Sellers:
The Metro Denver 2018 Seller’s home market is done and Sellers should know what will be happening in the market in 2019. The last several months of 2018 have shown both Seller’s and Buyer’s what will be a different year for the Denver Metro Home Market. Comments from several national data base companies state that price appreciation will continue to increase slowly, mortgage interest rate increases will impact Buyers, the inventory of active listings will remain lower than normal, and the overall 2019 Metro Denver Home Market will change from what has taken place in the prior years. Buyer demand will continue but homes are now taking longer to sell and Buyers always will determine what your home is worth. As a Seller, focus on 2019 and the changes in the home market.
Manage your expectations, be flexible, 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:
As a Buyer, know that the homes available for sale will continue to be low. As a Buyer, you will probably see that the number of Buyers will continue. Sellers will continue to focus on the sale of their home; but, now in a different time frame. Sellers know that the market is changing and as a Seller, they will have to consider the changes taking place in the Metro Denver Home Market. As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction. As a Buyer, be aware that the mortgage interest rates will increase several times this year in 2019. As a Buyer, if you do not buy now, in the future you will have less opportunity. As a Buyer, be prepared to act quickly.
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.