7 COUNTY METROPOLITAN DENVER MARKET UPDATE
MAY, 2014
Market Metrics:
By the numbers, the inventory of available homes for sale is:
-
6,268 homes at April month end
-
6,239 homes came onto the market
-
4,196 homes closed at a median sold price of
$272,500
-
Average sold price is $325,052 resulting in a
closed dollar volume of $1.4 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 4,940
Sold Homes is 3,077
Median Price is $305,000
Average Price is $361,248
Average Days on Market is 39
Condo:
Active Inventory is 1,328
Sold Homes is 1,119
Median Price is $176,000
Average Price is $225,522
Average Days on Market is 35
Year To Date Market
Recap:
Single Family:
Sold Homes is 9,747
Average Sold Price is $345,914
Condo:
Sold Homes is 3,523
Average Sold Price is $214,773
Market Facts:
The inventory of homes available for sale remains low and
buyer demand remains strong.
Interest rates although affordable continued an upwards trend
in the month of April.
Consumer confidence decreased in April to 82.3 down from 83.9
in March.
Overall, the Denver home market has less than a two month
supply of homes available for sale at the current sales rate.
Advice to Sellers:
The Denver home market remains strong and the prime home
buying season is here. With less than a
two month supply of homes available for sale, buyers are gearing up to present
creative offers to sellers.
As a homeowner, seller, or prospective seller, one needs to
know the market. Here are several
questions that need to be asked and evaluated:
what is my home worth, how much equity does one have in the home, what
is or would be my home’s competition, what are buyers looking for in a home,
does one need to update the home, if you update the home, what update should
you do, and when the home sells, how and when does one find the new home?
What is a creative offer?
How does one sell your home in this market? How does one buy a home in this market?
What is a seller to do?
Know the market, prepare your home, de-clutter, take care of deferred
maintenance, and reach out to a Professional.
Advice to Buyers:
With a strong market and limited availability of homes on
the market, how does a buyer find the home of one’s dreams? What is needed and what does creativity mean
today? Now is the time to reach 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.
