7 COUNTY METROPOLITAN DENVER MARKET UPDATE
NOVEMBER, 2015
By the numbers:
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The inventory of available homes for sale is 6,607
homes at October month end
-
5,215 homes came onto the market
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4,604 homes went under contract
-
4,470 homes closed
-
Median sold price $309,800
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Average sold price $359,709
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Closed dollar volume of $1.608 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 5,243
Sold Homes is 3,144
Average Price is $400,465
Median Price is $345,000
Average Days on Market is 31
Condo:
Active Inventory is 1,364
Sold Homes is 1,326
Average Price is $263,074
Median Price is $213,500
Average Days on Market is 28
Year To Date Market
Recap:
Single Family:
Sold Homes is 32,130
Average Sold Price is $404,861
Median Sold Price is $346,000
Average Days on Market is 29
Condo:
Sold Homes is 13,414
Average Sold Price is $254,514
Median Sold Price is $210,000
Average Days on Market is 26
Market Facts:
Three (3) signs of a good market are: you feel it, you see
it, and you hear it. The 7 County Metro
Denver home market continues to be strong, buyer demand continues, new homes
continue to come onto the market, and the media is constantly telling stories about
the home market. Fourth quarter seasonal
slowing is here; but, both Sellers and Buyers are in the market. Now is a good time to buy a home. 2015 will be another record setting year.
Advice to Sellers:
Buyers today are savvier and more educated when it comes to
home markets. We are in a slower time of
year as traditionally the fall season relates to less home closing transactions
per month than the prime home buying season.
Sellers need to know where they want to live.
Top home features that Buyers are hunting for this fall
season include: bigger is not necessarily better, economic home maintenance,
homes that possess a warmer cozier vibe, up to date kitchen that is sleek,
modern looking, with stainless steel fixtures, energy efficient,
environmentally friendly, and a home that either has a neutral color or a
bright color.
The new closing rules mandated by the Consumer Financial
Protection Bureau (CFPB) are now in the second month. In summary, the new rules will cause a
transaction to take longer from acceptance to close. Home closings are now projected to take 45 to
60 to completion.
Seller preparation includes a good pricing comparison
analysis, instructions on staging, what are the top improvements, introduction
to a net sheet to understand the bottom line, and a conversation on how the market
functions. As such, the homeowner
looking to sell a home needs a professional who is a local expert, knowledgeable,
and can assist in the Professional plan to sell one’s home.
Advice to Buyers:
November is considered to be yet another great month for
Buyers. This is because the prime home
buying season has passed, the supply of homes available for sale is slowly
increasing, home prices are not increasing as fast as they did in the prime
home buying season, and there is less Buyer competition today than during the
prime season. As such, a Buyer must
still be prepared and still willing to move quickly. Be prepared and knowledgeable of the new loan
rules, their impact on closing dates, and the potential increase in interest
rates.
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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