Sunday, April 19, 2015

Denver Real Estate Market Update April 2015

Denver Real Estate Market Update April 2015

APRIL, 2015

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

- 3,704 homes at March month end
- 5,605 homes came onto the market
- 4,936 homes went under contract
- 4,097 homes closed
- Median sold price $313,935
- Average sold price of $356,736
- Closed dollar volume of $1.46 Billion.

Monthly Market Recap:

Single Family:
Active Inventory is 2,937
Sold Homes is 2,878
Average Price is $399,174
Median Price is $343,555
Average Days on Market is 36

Active Inventory is 767
Sold Homes is 1,219
Average Price is $256,542
Median Price is $205,000
Average Days on Market is 37

Year To Date Market Recap:

Single Family:
Sold Homes is 6,690
Average Sold Price is $386,750
Median Sold Price is $331,950

Sold Homes is 2,808
Average Sold Price is $247,624
Median Sold Price is $195,000

Market Facts:
- The March month ended with record setting transactions when looking back five (5) years.
- Consumer confidence increased in March to 101.3 up from 98.8 in February.
- Early forecasts indicated that the Denver Home Market would be in the top ten; now it looks like the Denver Home Market will be in the top five (5) in the nation.
- Market “frenzy” in the lower price ranges has returned as we are seeing more homes coming onto the market, new listings receiving many showings daily, new listings receiving many offers, and the new listings going under contract in a manner of days.

Advice to Sellers:
While the current inventory of homes available for sale remains low, more homes will be coming onto the market. Buyers will include First Time Home Buyers, Generational Buyers (both young and older), Boomerang Buyers, and Investors. With low inventory, increasing household formations, and pent up buyer demand; Sellers should expect many showings, multiple offers, even offers without the prospective Buyer even seeing the home and creative Buyer outreach either by video, letter, or person to person.

Quick thoughts on how a Seller can leave a lasting impression with a Buyer on his/her home for sale: inspired staging, bold paint jobs, de-clutter each room, make each room feel less personal, new front door, make the home feel fresh and clean, and creative landscaping.

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, market knowledgeable, and can assist in the Professional plan to sell one’s home. Now is the time to reach out to a seasoned Professional.

Advice to Buyers:
Market frenzy is here again. More new listings will be coming onto the market and Buyers will be competing for the home of their dreams with creative offers and creative outreach to the Sellers.

While lifestyle choice remains number one, economic reality is quickly moving up to replace lifestyle choice in the home buying process because of the double digit increase in rent prices in the Denver area, pent up Buyer demand, and the low inventory of homes for sale.

What is a Buyer to do? Manage your expectations, be prepared to participate now as time is of the essence, and remain positive about the home buying process.

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.

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