Saturday, April 4, 2015

Denver Real Estate Market Update March 2015

By the numbers:


-          The inventory of available homes for sale is 3,657 homes at February month end

-          4,065 homes came onto the market

-          3,904 homes went under contract

-          2,832 homes closed

-          Median sold price of $293,625

-          Average sold price of $344,049

-          Closed dollar volume of $974.3 Million. 


Monthly Market Recap:

Single Family:                                                                      

Active Inventory is 2,940                                                     

Sold Homes is 1,997                                                                         

Average Price is $383,810                                         

Median Price is $325,000                                          

Average Days on Market is 42                                                          



Active Inventory is 717

Sold Homes is 835

Average Price is $248,957

Median Price is $191,000

Average Days on Market is 47


Year To Date Market Recap:

Single Family:                                                                      

Sold Homes is 3,737                                                                          

Average Sold Price is $372,863                                             

Median Sold Price is $323,050                                  



Sold Homes is 1,565

Average Sold Price is $240,268






Market Facts:

February was a very wintry month in which the home market survived and continued to thrive as it moves closer to the spring season.

-          Buyer demand continues to be strong.

-          Consumer confidence decreased in February to 96.4 down from 103.8 in January.

-          The top three counties for Sold properties this month were Denver, Arapahoe, and Jefferson.


With low active inventory, Buyers expectations need to be set in order to compete.

Mortgage interest rates fluctuated upward in February and ended the month with a 30 year conventional rate around 3.625% and a 15 year conventional rate around 2.875%.


Advice to Sellers:

The Denver home market remains in the top 10 home markets in the USA and this Seller’s market continues.  A Seller’s market effectively means that Buyers exceed the number of active listings or homes for sale.  New generation homebuyers are entering the market and have been searching the internet for a long time period to determine what type of home and where it is located would fit the Buyer’s American Dream.


Buyers are more knowledgeable, prepared, willing to compete, and will always think outside of the traditional home buying process to acquire the home of their dreams.


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 an expert, knowledgeable, and can assist in the Professional plan to sell one’s home.   


Advice to Buyers:

Traditionally the prime home buying season begins in late April.  For the last two years, this has not been the case as the prime season is starting earlier.  The months of January and February are over and they have shown the market that Buyer demands continues to be strong.


Active listings are at an all time low and even with new listings coming on the market, the market remains very competitive.  Buyers are participating in the market using non traditional approaches to purchase a home.  Cash transactions, quick closes, and offering prices above the asking or listed price are becoming the norm again.


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.   

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