Market Metrics:
By the numbers:
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The inventory of available homes for sale is 10,025
homes at July month end
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7,268 homes came onto the market
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7,406 homes were placed under contract
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6,104 homes closed for a closed dollar volume of
$1.9 Billion
July is the transition month of the summer season. School has either started in early August or
will start within days or weeks. Where
has the summer vacation gone?
Monthly Market Recap:
Single Family:
Active Inventory is 8,286 homes at month end
Active Inventory is 8,286 homes at month end
Sold homes is 4,857
Average Days on Market is 37
Median Sold Price is $286,500
Average Sold Price is $346,254
Condos:
Active Inventory is 1,739 homes
Sold homes is 1,247
Average Days on Market is 37
Median Sold Price is $161,000
Median Sold Price is $161,000
July Year-to-Date
Market Recap (2013 versus 2012):
Single Family:
Active Inventory 8,286 versus 9,087 (↓9%)
Sold Units 25,827 versus 21,341 (↑21%)
Median Price $275,000 vs $249,000 (↑10%)
Average Price $331,780 vs $300,658 (↑10%)
Sales Volume $8.5B versus $6.4B (↑34%)
Days on Market 55 versus 84 (↓35%)
Active Inventory 1,739 versus 1,740 (↔)
Sold Units 6,475 versus 5,137 (↑26%)
Median Price $158,500 vs $137,500 (↑15%)
Average Price $194,064 vs $174,299(↑11%)
Sales Volume $1.2B versus $895M (↑40%)
Days on Market 51 versus 86 (↓41%)
The Denver home market continues to grow and remains strong.
Home ownership continues to be high on the lifestyle
preference list of the consumers.
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Overall, the Denver home market has a two month
supply of homes available for sale at the current sales rate. Single Family Residential homes have a 2.39
month supply and Condos have a 1.99 month supply.
The Real Estate market continues changing. July is a transition month and the summer
season is moving into a new phase.
School has started which removes some buyers from the market; but,
strong buyer demand continues. With that
being said, homes available for sale remain on the market a shorter time period
(days on market is decreasing).
The 7 steps in the home selling process are: plan and
prepare, obtain the services of a Realtor®, determine the price, market the
home, sell the home, complete the closing, and finally move out of the
home. In the plan and prepare step, the
home owner should do everything to maximize the home’s appeal and the buyer
demand. The determine the price step
will cause the home owner to become familiar with the competition and the
market value of the home.
Will your home create that lasting impression? Are you current on the preventative
maintenance items needed for your home?
Have you de-cluttered your home? To
maximize the selling price, have you done recent upgrades?
While the Denver home market continues to be portrayed as a
“seller’s market”, each and every home is unique which suggests professional
assistance in selling the home.
Overall, more homes are available for sale today than at any
time this year. Strong buyer demand
continues and interest rates are rising.
School is in session, which takes some buyers out of the market. Once you have made your decision, start the
process to home buying success.
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 and
manage your expectations.
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