Friday, June 27, 2014

Denver Real Estate Market Update June 2014

JUNE, 2014

Market Metrics:

By the numbers, the inventory of available homes for sale is:

-         7,059 homes at May month end
-         6,837 homes came onto the market
-         4,983 homes closed
-         Median sold price of $277,053
-         Average sold price of $335,246
-         Closed dollar volume of $1.67 Billion. 

Monthly Market Recap:

Single Family:                                                            
Active Inventory is 5,542                                                         
Sold Homes is 3,593                                                                           
Median Price is $311,355                                                        
Average Price is $376,111                                          
Average Days on Market is 31                                                

Active Inventory is 1,517
Sold Homes is 1,390
Median Price is $180,000
Average Price is $229,643
Average Days on Market is 25

Year To Date Market Recap:

Single Family:                                                           
Sold Homes is 13,481                                                                         
Average Sold Price is $353,413                                              

Sold Homes is 4,981
Average Sold Price is $219,294

Market Facts:
-         Approximately 60 days remain in the prime home selling/ home buying season.
-         The inventory of homes available for sale has increased and buyer demand remains strong.
-         On the home affordability front, the Condo market is hot, Hot, HOT!
-         Consumer confidence increased in May to 83 up from 81.7 in April.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  The Condo market has less than a one month supply.

Advice to Sellers:

School is out and approximately 60 days remain in the prime home buying season.  In this ever changing market, buyers are well informed and have determined the dream home of choice. 

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the home of their dreams.  .

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 seller to do?  Know the market, maximize the curb appeal, prepare your home, de-clutter, update where appropriate, take care of deferred maintenance, and reach out to a Professional.

Advice to Buyers:

Prices continue to increase, the market remains strong, and availability of homes on the market remains limited.  As a buyer, you have already determined the dream home.  Now is the time to reach out.  Expand your focus to the greater Denver market when looking for your dream home.      
What is a buyer to do?  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 Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2014, and home affordability.