Monthly Market Recap:
Single Family: Condo:
Active Month End Inventory is 2,823 Active Month End Inventory is 1,576
Sold Homes is 2,904 Sold Homes is 1,206
Average Price is $520,159 Average Price is $372,210
Median Price is $445,000 Median Price is $305,000
Average Days on Market is 46 Average Days on Market is 49
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 38,467 Sold Homes is 15,895
Average Sold Price is $526,784 Average Sold Price is $361,894
Median Sold Price is $450,000 Median Sold Price is $304,900
Average Days on Market is 36 Average Days on Market is 52
The Denver Metro Home Market has been changing. Active listings are low. Mortgage interest rates continue to be low. Overall activity is slower for both Sellers and Buyers. Being a Seller or Buyer, do your homework before getting into the home market.
Advice to Sellers:
HAPPY NEW YEAR! The Metro Denver Seller’s home market continues to see changes. The new challenge for sellers is accurate pricing. Seller’s will see more growth but at a slow pace. Homes are now taking longer to sell and price appreciation is changing. Sellers are slowing down because they cannot buy the home of their choice. With a slower market and a healthier one, housing is improving and the economy is steady. Buyers always will determine what your home is worth. As a Seller, think about these renovations: basement finish, bathroom remodeling, updating a room, updating carpet & paint, adding new light bulbs, adding a deck. As a Seller, if your home sits longer than a month, it is time to revisit pricing and the data in your local market.
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.
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 an expert, local 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:
HAPPY NEW YEAR! The Metro Denver home market continues to change. Keep your eye on the home market with now fewer homes available. Foremost, focus on your lifestyle and home requirements. As a Buyer, get into the home market at the right time. As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction. Sellers are usually on a moving deadline and can be more willing to negotiate the final price, meaning your getting the best bang for your buck.
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.