Sunday, March 2, 2014

Denver Real Estate Market Update February 2014

    FEBRUARY, 2014

    By the numbers:

    - The inventory of available homes for sale is 7,610 homes at January month end
    - 4,116 homes came onto the market
    - 3,621 homes were placed under contract
    - 3,342 homes closed at an average sold price of $302,251
    - Resulting in a closed dollar volume of $1.0 Billion. ...

    Monthly Market Recap:

    Residential (Single Family plus Condo):
    Active Inventory is 7,610 homes at month end
    Sold homes is 3,342
    Average Days on Market is 61
    Average Sold Price is $302,251

    Single Family:
    Active Inventory is 6,089
    Sold Homes is 2,073
    Average Price is $331,374
    Median Price is $273,000

    Active Inventory is 1,521
    Sold Homes is 617
    Average Price is $203,731
    Median Price is $156,000

    Source: Metrolist, Inc., February 11, 2014

    Market Facts:

    Interest rates continued to gradually increase upwards in the month of January.
    Consumer confidence increased in January to 80.7 up from 74.5 in December.

    Overall, the Denver home market continues to have a two month supply of homes available for sale at the current sales rate.

    Advice to Sellers:

    It is a new year and some things have changed while others have not. As we move into the prime home selling season, two things remain the same; buyer demand remains strong and available homes for sale is limited.

    The spring selling rush may already be underway. Sellers are nervous about what the spring season is going to bring. Recent surveys indicate that consumers are more committed to buying and selling this year. Consumers are optimistic and realistic at the same time. Normalcy in the home market is returning; but, strong consumer demand and limited inventory of homes available for sale remains.

    When taking a look at the top two generations of home buyers, GENX (1965-1979) and MILLENIAL (1980-2000) share several home must haves. The shared home must haves are: updated kitchen and bath, big kitchen with open floor plan, home office, location, technology, and lifestyle.

    What is a seller to do? Prepare your home, de-clutter, take care of deferred maintenance, and reach out to a Professional.

    Each and every home is unique which suggests professional assistance in selling the home.

    Advice to Buyers:

    Prioritize your needs and wants and focus on the available homes. Be prepared to make a decision when you find the home of your dreams.

    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.