7 COUNTY METROPOLITAN DENVER MARKET UPDATE
DECEMBER, 2014
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The inventory of available homes for sale is 4,821 homes
at November month end
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2,790 homes came onto the market
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3,408 homes went under contract
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3,506 homes closed
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Median sold price of $280,000
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Average sold price of $328,857
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Closed dollar volume of $1.2 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 3,857
Sold Homes is 2,523
Median Price is $314,250
Average Price is $364,274
Average Days on Market is 39
Condo:
Active Inventory is 964
Sold Homes is 983
Median Price is $189,900
Average Price is $237,954
Average Days on Market is 33
Year To Date Market
Recap:
Single Family:
Sold Homes is 34,449
Average Sold Price is $361,896
Median Sold Price is $305,000
Condo:
Sold Homes is 13,191
Average Sold Price is $222,872
Median Sold Price is $180,000
Market Facts:
While the market continues the seasonal slowdown; Buyers
remain in the market and when they find the “American Dream” home, they proceed
and make an offer with the intent of purchase.
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Consumer confidence decreased in November to 88.7
down from 93.8 in October.
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While the inventory of homes available for sale is
at an all time low, lifestyle choices continue to be the number one priority of
home buyers.
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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:
2015 is around the corner and as a Seller, what can you
expect from the Denver home market? Let’s look at the 2015 forecast for the
Denver home market:
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Buyer demand will continue to be strong,
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Price appreciation will not be as great as in
2014; but still should be between 3% and 5%,
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New household formations will increase and multi
generationals will be in the market,
Millenials and First Time Home
Buyers will participate in the 2015 home market,
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The Denver home market is expected to be in the
top 10 home markets in 2015,
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Newly built rental properties will be available
and compete with the Denver home market,
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Interest rates are expected to increase in 2015
to around 5%, and
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New home builders are expected to increase their
new home production by 25%.
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.
Advice to Buyers:
2015 will bring increased mortgage interest rates, changes
to the mortgage lending process, lower price appreciation, and an increase in
household formations. Additionally, the number of Buyers will increase due to
the Millennial generation and First Time Home Buyers.
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.
