Market Metrics:
By the numbers:
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The inventory of available homes for sale is 4,765
homes at April month end
-
6,735 homes came onto the market
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5,439 homes went under contract
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4,436 homes closed
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Median sold price of $315,000
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Average sold price of $361,309
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Closed dollar volume of $1.6 Billion.
Active Inventory is 3,840
Sold Homes is 3,158
Average Price is $404,384
Median Price is $350,000
Average Days on Market is 29
Active Inventory is 925
Sold Homes is 1,278
Average Price is $254,869
Median Price is $205,000
Average Days on Market is 21
Sold Homes is 9,888
Average Sold Price is $392,144
Median Sold Price is $339,550
Sold Homes is 4,105
Average Sold Price is $249,606
Median Sold Price is $200,000
Market Facts:
Today’s higher prices have been expected as the economy
improves and the first time and boomerang home buyers return to the
market. Even though demand outpaces
supply, there is no indication that a housing bubble is on the horizon even
though the Denver home market is now considered number one in the national home
market.
Yes, new listings have increased dramatically in April; but,
the overall shortage of active listings and the abundance of buyers equal the
ingredients for hot, Hot, HOT market in the mid to lower price ranges.
Advice to Sellers:
The spring home market is underway with more homes coming
unto the market; but, yet buyer demand exceeds the availability of homes on the
market. What is the one thing a Seller
can do? Create a lasting memory for
house hunters otherwise known as Buyers. Is it curb appeal? Is it remodeling of the bathroom or
kitchen? Is it new windows and
doors? Is it de-cluttering and
staging? Whatever it is, find that one
thing about your home that will leave a lasting memory when your home is shown
to a prospective buyer. Remember that
30% of Americans are looking to buy either in 2015 or next year in 2016. As such, Buyer demand will remain strong for
the remainder of the year and into next year.
With low inventory, increasing household formations, and pent up buyer
demand; Sellers should expect many showings, multiple offers, even offers
without the prospective Buyer ever seeing the home and creative Buyer outreach
either by video, letter, or person to person.
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, knowledgeable, and can assist to sell one’s home.
Advice to Buyers:
Over 6,700 new listings came onto the market this month and
yet buyer demand continues to increase as we are moving through the spring home
market because of improvement in the overall economy, increase in population,
rising rental rates, desire to move, and affordable mortgage interest rates. Creativity is the name of the game with
Buyers as Cash financing is
happening more and more, Responsive
is number one, Eager is number two, Active is on, Time is of the essence, Involved,
Venturesome, Idealic, Thorough, and Yes are the guidelines that Buyers use
when looking to buy a home. Buyers are
experiencing frustration as it takes several offers on several homes to acquire
a home.
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.
