Thursday, June 25, 2015
Wednesday, June 24, 2015
Denver Real Estate Market Update June 2015
By the numbers:
-
The inventory of available homes for sale is 5,108
homes at May month end
-
6,720 homes came onto the market
-
5,644 homes went under contract
-
4,848 homes closed
-
Median sold price $325,000
-
Average sold price $374,430
-
Closed dollar volume of $1.8 Billion.
Single Family:
Active Inventory is 4,036
Sold Homes is 3,465
Average Price is $419,832
Median Price is $358,050
Average Days on Market is 25
Condo:
Active Inventory is 1,072
Sold Homes is 1,383
Average Price is $260,710
Median Price is $215,000
Average Days on Market is 19
Year To Date Market
Recap:
Single Family:
Sold Homes is 13,448
Average Sold Price is $399,201
Median Sold Price is $342,500
Sold Homes is 5,533
Average Sold Price is $252,472
Median Sold Price is $202,734
Market Facts:
For the next 60 plus days, the prime home buying season will
be at its peak. School is out and Buyers
want to be in their new home prior to the start of the new school year. Buyer demand will continue to remain strong
and more Sellers will put their homes on the market.
During this time of the year, both Buyers and Sellers must
be prepared because the home market will remain strong, fast, and possibly
furious. Additionally, new Buyers will
be coming into the market.
Advice to Sellers:
The Denver home market housing sales continue to show
extraordinarily strong growth. School is
out and the next 60 plus days will represent the prime home buying season. The transition of home ownership won’t be
without challenges. The inventory of
homes available for sale continues to remain around a 1.5 month’s supply,
mortgage interest rates are showing a slight increase to around 4%, and new
classes of Buyers are coming into the market.
Knowing that Buyers have done their homework and set their
expectations, a Seller must be prepared for the market. The top four home features desired by Buyers
include updated kitchens and bathrooms, minimal upkeep, energy efficiency, and
a home office.
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:
The transition to home ownership in Denver won’t be without
the challenges of first finding the right home, tight credit, changes to the
closing process, and interest rate volatility.
Additionally, Buyers will be competing with other Buyers such as
Boomerang Buyers, First Time Home Buyers, and Multi Generational Buyers.
Denver continues to be a top destination and more and more
people are moving into the Denver area.
Be aware of this population growth.
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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