By the numbers
Monthly Market Recap:
Single Family: Condo:
Active Month End Inventory is 5,742 Active Month End Inventory is 2,414
Sold Homes is 3,819 Sold Homes is 1,536
Average Price is $539,632 Average Price is $356,829
Median Price is $463,500 Median Price is $310,000
Average Days on Market is 26 Average Days on Market is 46
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 22,328 Sold Homes is 9,268
Average Sold Price is $530,798 Average Sold Price is $360,963
Median Sold Price is $450,000 Median Sold Price is $302,000
Average Days on Market is 34 Average Days on Market is 56
Buyers and Sellers pulled back in July and we are now seeing many concessions taking place. New active listings continue to increase. Buyers are also working with new home builders. For Sellers, you will see an increase in offers, negotiations, and the possibility of price adjustments. With interest rates staying low and many buyers in the market, it continues to be a perfect time to buy and sell. Metro Denver will continue to see a change in the home market.
Advice to Sellers:
The Metro Denver home market is now seeing many concessions. Think about a Seller Counseling Session. This will demonstrate your home value, set expectations, reduce risk, know what can and cannot do, outline the process, inform you of what Buyers are doing, and provide resources. Learn about the value of renovations and or upgrades, decluttering, and staging the home. Buyer demand will continue as we see more Buyers and investors in the market. Many Buyers will be looking for a new home prior to the start of the school season. Homes are now taking a little longer to sell and price appreciation is changing. Buyers always will determine what your home is worth. As a Seller, if your home sits longer than a month, it is time to revisit the marketing strategy.
As a Seller, your home needs to be priced right from the very beginning. Manage your expectations, make sure your home is move-in ready, be flexible, and accept the offer that works best for you the Seller. Note that Buyers are bringing their A game to the Denver Home Market.
Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements, introduction to a net sheet to understand the bottom line, 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, be realistic about your budget, start saving as soon as possible, create your plan, grow your credit score, lock in your rate now, keep your eye on the home market because more homes are now available, and consider your family wants and needs.. First and foremost, focus on your lifestyle and home requirements. As a Buyer, get into the home market now. 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 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.