Wednesday, October 22, 2014
Tuesday, October 21, 2014
Denver Real Estate Market Update October 2014
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
OCTOBER, 2014
By the numbers:
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The inventory of available homes for sale is 6,777
homes at September month end
-
4,861 homes came onto the market
-
4,608 homes closed
-
Median sold price $274,000
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Average sold price $317,773
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Closed dollar volume of $1.46 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 5,427
Sold Homes is 3,247
Median Price is $310,000
Average Price is $360,240
Average Days on Market is 33
Condo:
Active Inventory is 1,350
Sold Homes is 1,361
Median Price is $179,900
Average Price is $216,459
Average Days on Market is 28
Year To Date Market
Recap:
Single Family:
Sold Homes is 28,556
Average Sold Price is $361,859
Condo:
Sold Homes is 10,789
Average Sold Price is $220,198
Market Facts:
Seasonality continues to have an impact on the market; but,
to a lower degree than in prior years. Consumer confidence decreased in September
to 86.0 down from 93.4 in August. While the inventory of homes available for
sale remains low, lifestyle choices continue to be the number one priority of
home buyers. Mortgage interest rates fluctuated in September and ended the
month with a 30 year conventional rate around 4% and a 15 year conventional
rate around 3.125%. The fall season is here and the market continues to show
its strength.
Advice to Sellers:
The fall housing market is expected to be seasonally strong,
despite buyers showing greater signs of being conservative in their home
purchases. There still remains a desire
for an increase in the homes available for sale. Buyers are more cautious and sticking to
their lifestyle choices and budgets for purchasing a home.
With homes continuing to be absorbed faster than homes
coming on to the market, what will help you make your home a memorable
home? In a recent nationwide survey of
buyers, prospective home buyers are looking for accessibility (#1), a special
function room such as an outdoor living room, a mud room, or an in-law suite,
and does your home have the availability to add more space and features.
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 knowledgeable,
and can assist in the Professional plan to sell one’s home.
Advice to Buyers:
The fall season is here and the Denver home market is
showing seasonal cooling, as is the weather.
Now is the time to continue the home buying focus on lifestyle priorities
and the home purchase budget. Keep in
mind that “forecasts” indicate/predict that mortgage interest rates will climb
by up to ½ %. Be prepared and look at
locking in a rate prior to active home looking.
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
Tuesday, October 14, 2014
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