7 COUNTY METROPOLITAN DENVER MARKET UPDATE
SEPTEMBER, 2014
Market Metrics:
By the numbers:
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The inventory of available homes for sale is 7,227
homes at August month end
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5,426 homes came onto the market
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4,855 homes closed at a median sold price of $275,500
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Average sold price of $329,399
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Closed dollar volume of $1.6 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 5,788
Sold Homes is 3,488
Median Price is $312,250
Average Price is $372,684
Average Days on Market is 29
Condo:
Active Inventory is 1,439
Sold Homes is 1,367
Median Price is $182,000
Average Price is $218,955
Average Days on Market is 24
Year To Date Market
Recap:
Single Family:
Sold Homes is 25,157
Average Sold Price is $362,510
Condo:
Sold Homes is 9,376
Average Sold Price is $220,839
The above
representation for Single Family and Condo includes real estate activity in the
counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
Market Facts:
With the end of August behind us and fall around the corner,
the market remains strong; but, yet the market is showing a seasonal slowdown.
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Home affordability increased in August.
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Mortgage interest rates were lower in August
with a 30 year conventional rate around 4%.
-
Consumer confidence increased in August to 92.4
up from 90.3 in July.
Overall, the Denver home market continues to have less than
a two month supply of homes available for sale at the current sales rate.
Advice to Sellers:
In the Denver home market seasonal slowdown is here and yet
the market is expected to stay strong for the remainder of the year and
possibly set several records again this year.
Now is the time to look as if you were a Buyer. What stands out and what does not stand
out? Is it time to de-clutter, update
your home, possibly do some remodeling, or change the curb appeal?
With the season changing, the market will change also. The frenzy of multiple offers seen earlier in
the year will be more moderate and buyers will continue to make offers on homes
that meet their lifestyle criteria. The
market will continue strong to year end; but, will slow down and fewer
transactions will be finalized on an ongoing basis.
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 homes of their dreams. As such,
the homeowner looking to sell one’s home needs a professional who is a local
expert, is knowledgeable, and can assist in the Professional plan to sell one’s
home. Now is the time to reach out to a
Professional.
Advice to Buyers:
Three plus months remain in 2014. If you are a Buyer, you will see a slowdown
in the market even though it will continue strong. There may be more homes available for sale;
but, Sellers will be expecting to receive premium price offers for their home.
The market has shown for the last two years that even with
the seasonal slowdown, it continues to be a good time to look for a home and
purchase 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, manage
your expectations, and be open to looking at the entire Denver market
