By the numbers:
- The inventory of available homes for sale is 10,348 homes at September month end,
- 5,134 homes came onto the market
- 5,337 homes were placed under contract
- 4,730 homes closed for a closed dollar volume of $1.44Billion.
The changing of seasons will cause the Denver home market to adjust to the slower but steady Fall/Winter season. Year over year comparisons are up, which is good news for the rest of 2013.
Monthly Market Recap:
Active Inventory is 8,635 homes at month end
Sold homes is 3,714
Average Days on Market is 39
Median Sold Price is $277,000
Average Sold Price is $331,382
Active Inventory is 1,713 homes
Sold homes is 1,016
Average Days on Market is 37
Median Sold Price is $159,900
Average Sold Price is $208,364
September Year-to-Date Market Recap (2013 versus 2012):
Active Inventory 8,635 versus 8,700 (↓1%)
Sold Units 33,927 versus 28,218 (↑20%)
Median Price $278,000 vs $250,000 (↑11%)
Average Price $333,508 vs $302,809 (↑10%)
Sales Volume $11.3B versus $8.5B (↑33%)
Days on Market 51 versus 79 (↓35%)
Active Inventory 1,713 versus 1,770 (↓3%)
Sold Units 8,740 versus 6,894 (↑27%)
Median Price $160,000 vs $140,000 (↑14%)
Average Price $196,045 vs $176,961(↑11%)
Sales Volume $1.7B versus $1.2B (↑40%)
Days on Market 48 versus 81 (↓41%
- Interest rates decreased slightly in September and appear to be even lower in early October.
- Consumer confidence decreased slightly in September to 79.7 down from 81.5 in August.
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 2.42 month supply and Condos have a 1.87 month supply.
Advice to Sellers:
Thinking of selling your home? Generationally, who are your prospective buyer(s)? Baby Boomer, Gen X, or Gen Y? Putting aside all the valuable traditional advice concerning preparing your home to be sold, let’s talk about the prospective buyer. On one hand, the Baby Boomer buyer(s) will be demanding and focus on each and every detail. On the other hand, Gen Y buyer(s) are digitally informed and prepared, will want to communicate via text messaging and/or Facebook, and will focus on lifestyle preferences. Are you prepared as a seller for all prospective buyers?
Here are five (5) things to consider doing before putting your home on the market for sale:
- Obtain a pre-sale inspection if your home is older or you have not kept up with preventative maintenance as well as you should have
- Organize and clean everything!
- Obtain replacement estimates for older appliances and mechanical systems
- Find warranty documentation that you may have if any
- Spruce up your home’s curb appeal.
Knowing that today’s home buyers are independent and well informed, how does a seller create and maintain buyer interest in the seller’s home. A seller must remember that a buyer sees a home for the first time with fresh eyes as a visitor.
Advice to Buyers:
The home buying season is changing to the Fall season but buyer demand continues. The inventory of homes available for sale remains stable at 10,000 plus homes. Home buyers today are independent and well informed, but still don’t have as many choices historically so plan ahead when searching for the perfect home.
Keep your emotions in check to avoid common buyer mistakes such as allowing love at first sight, overpaying for perfection, and always looking for a better deal. The purchase of the “American Dream” home is a life event that should be thoroughly researched and thought out.
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.