Are looking to sell your home or make a move in 2015?
Do Not Wait and miss your opportunity to sell for an incredible price! The time is now, not later in the Spring as has been the case in past years.
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
By the numbers:...
- The inventory of available homes for sale is 3,843 homes at December month end
- 2,220 homes came onto the market
- 2,419 homes went under contract
- 3,808 homes closed
- Median sold price of $285,000
- Average sold price of $338,335
- Closed dollar volume of $1.3 Billion.
Monthly Market Recap:
Active Inventory is 3,081
Sold Homes is 2,718
Median Price is $320,000
Average Price is $379,491
Average Days on Market is 46
Active Inventory is 762
Sold Homes is 1,090
Median Price is $185,000
Average Price is $235,707
Average Days on Market is 38
Year To Date Market Recap:
Sold Homes is 37,271
Average Sold Price is $363,212
Median Sold Price is $305,550
Sold Homes is 14,367
Average Sold Price is $223,831
Median Sold Price is $180,000
- 2014 was a record year and there is every indication that 2015 will be as good as or better than 2014.
- December was a record month because the market did not seasonally slow down.
- Consumer confidence increased in December to 92.6 up from 91 in November.
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. Mortgage interest rates fluctuated in December and ended the month with a 30 year conventional rate around 3.75% and a 15 year conventional rate around 3.0%.
Advice to Sellers:
2015 is here and the year starts with 2 lows! The lowest number of homes available for sale and the lowest mortgage interest rates since May, 2013. What is a seller to do or be aware of? The top five answers are affordability, mortgage availability, interest rates, number of homes available for sale, and new home builders.
Affordability refers to whether or not one’s home meets the criteria of a home Buyer and the pricing is appropriate for the market. The availability of homes for sale will impact the seller when the current home is under contract and whether the Seller can find a new home. Interest rates are expected to increase starting in the second quarter of 2015. Lastly, new home builders are projecting to build 25% more homes in 2015 than they were able to build in 2014. The Denver home market is expected to be in the top 10 home markets in 2015 because of job growth and an overall good economy.