Wednesday, November 19, 2014

Denver Real Estate Market Update November 2014


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

-          6,066 homes at October month end
-          4,406 homes came onto the market
-          4,411 homes closed
-          Median sold price is $275,000
-          Average sold price is $324,030
-          Closed dollar volume of $1.43 Billion. 

Monthly Market Recap:

Single Family:                                                                       
Active Inventory is 4,802                                                      
Sold Homes is 3,104                                                                          
Median Price is $307,500                                                      
Average Price is $362,333                                         
Average Days on Market is 36                                                          

Active Inventory is 1,264
Sold Homes is 1,307
Median Price is $185,000
Average Price is $233,063
Average Days on Market is 30

Year To Date Market Recap:

Single Family:                                                                       
Sold Homes is 31,774                                                            
Average Sold Price is $361,801                                             

Sold Homes is 12,141
Average Sold Price is $221,610

Market Facts:

-          Consumer optimism remains high (82%) in the housing market and gives every indication that while the market is seasonally slowing, the year will end strong.
-          Consumer confidence increased in October to 94.5 up from 89.0 in September.

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 October and ended the month with a 30 year conventional rate under 4% and a 15 year conventional rate around 3.0%.

Advice to Sellers:

The holiday season is here.  As a Seller, there are fewer homes on the market as competition to your home.  Buyers remain in the market; but, the number of homes sold or closed slow down this time of the year.  Keep in mind that Buyers do not stop looking when they are in the market. 

What is the one new thing that Buyers look for in a home, well it is smart home technology.

With a month plus left in 2014, what should a Seller do during this holiday season?  Let’s start by learning market values in your neighborhood followed by evaluating the physical condition of your home and those items that will leave a lasting impression with Buyers.  Next, learn the competitive value of your home and become aware of the pricing movements in comparable homes this time of the year.  Create your home selling plan and live by it.

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 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:

The holiday season is here and as a Buyer, there are fewer homes available for sale.  Buyers should not stop looking during this time period.  Your Dream Home may be available today and this is the season of less competition from other Buyers.  Sellers will be open to fair market offers.  Create your home buying plan and stick to it.       

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 best options and opportunities to participate and succeed in the purchase of your “Dream” home.