FEBRUARY, 2015
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3,712 homes at January month end
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3,592 homes came onto the market
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3,347 homes went under contract
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2,438 homes closed
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Median sold price of $283,750
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Average sold price of $329,935
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Closed dollar volume of $804.4 Million.
Active Inventory is 2,949
Sold Homes is 1,717
Average Price is $371,324
Median Price is $318,000
Average Days on Market is 47
Active Inventory is 763
Sold Homes is 721
Average Price is $231,371
Median Price is $185,000
Average Days on Market is 35
Single Family:
Sold Homes is 1,717
Average Sold Price is $371,324
Median Sold Price is $318,000
Condo:
Sold Homes is 721
Average Sold Price is $231,371
Median Sold Price is $185,000
Market Facts:
January traditionally is a slower home market month as it is the start of a new year and the prior month’s focus was on getting homes closed prior to year end.
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Consumer confidence increased in January to 102.9
up from 93.1 in December.
While home ownership continues to decline, household
formations have increased dramatically.
Boomerang and First Time Home Buyers are entering the home
market.
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Mortgage interest rates fluctuated in January
and ended the month with a 30 year conventional rate around 3.375% and a 15
year conventional rate around 2.625%.
Advice to Sellers:
Is there a best season to sell your home? From a calendar or fall/winter/spring/summer
season stand point, the answer is no.
The best season to sell your home comes down to what works best for you
the individual seller. Is now the best
time to sell your home?
Lifestyle continues to be the top priority of Buyers. What Lifestyle does your home represent? Not familiar with Lifestyle, reach out to a
professional.
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:
Is there a best season to buy a home in the Denver home
market? From a calendar or
fall/winter/spring/summer season stand point, the answer is no. The best season to buy a home comes down to
what works best for the individual Buyer.
Keeping this in mind and with the upcoming changes in the market, the
Buyer needs to be prepared.
New home construction continues to ramp up, new closing
rules will be implemented in Q2 2015, and mortgage interest rates are forecast
to increase.
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.
