Denver Real Estate Market Update February 2015

 

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2015

 

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

-          3,712 homes at January month end

-          3,592 homes came onto the market

-          3,347 homes went under contract

-          2,438 homes closed

-          Median sold price of $283,750

-          Average sold price of $329,935

-          Closed dollar volume of $804.4 Million. 

 

Monthly Market Recap:

 

Single Family:                                                                       

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                                                          

 

Condo:

Active Inventory is 763

Sold Homes is 721

Average Price is $231,371

Median Price is $185,000

Average Days on Market is 35

 

Year To Date Market Recap:

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.

-          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.

-          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.