Denver Real Estate Market Update August 2015

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

AUGUST, 2015

By the numbers:

• The inventory of available homes for sale is 6,787 homes at July month end
• 7,114 homes came onto the market
• 5,206 homes went under contract
• 5,557 homes closed
• Median sold price of $313,000
• Average sold price of $370,031
• Closed dollar volume of $2.06 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 5,413                                                     

Sold Homes is 3,895                                                                          

Average Price is $419,714                                         

Median Price is $350,000                                          

Average Days on Market is 21                                                          

Condo:

Active Inventory is 1,374

Sold Homes is 1,662

Average Price is $253,597

Median Price is $212,000

Average Days on Market is 18

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 21,662                                                                        

Average Sold Price is $407,043                                             

Median Sold Price is $349,000                                  

Condo:

Market Facts:

Sold Homes is 8,931

Average Sold Price is $253,836

Median Sold Price is $208,000

The inventory of Active Listings increased in July, rent prices also increased, and while the Denver home market remains a top home market in the nation, we are seeing a seasonal slowdown. School just started and while Buyer pent up demand continues, purchasing a home may be a little easier for Buyers in the coming months.   

Traditionally, the home market slows down this time of year every month until year end.  It is forecast that the slowdown will continue; but, 2015 will be a year of records.

Advice to Sellers:

The Denver home market is seasonally slowing, is considered a top home market in the United States as well as a destination city, and is constantly changing.  In preparing to put your home on the market, consider these home improvements.  Top exterior home improvements are to replace the front door, update the landscape, paint the exterior, add home automation, add a privacy fence, and update the windows.  Top interior home improvements include repaint the interior, upgrade the lighting, update the kitchen counter tops, and change the bathroom tile.  These improvements will add value to your home and leave a lasting impression on the Buyers.

More homes are available for sale on the market and pent up Buyer demand continues; but, the market frenzy noted in the first half of the year is no longer prevalent.   

Advice to Buyers:

Proceeding through the 2^nd half of the year, the Denver home market will see fewer transactions each month, continued pent up Buyer demand, and in October changes to the closing process that will now take between 45 and 60 days to complete.  More homes are available for sale, mortgage interest rates continue to change, and even though the market frenzy does not currently exist, the home buying process will cause the Buyer to be prepared.

Remember Buyers, the goal is to get to the finish line and purchase a home that is right for you.

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.