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. 

Monthly Market Recap:

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                                              



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.