7 COUNTY METROPOLITAN DENVER MARKET UPDATE
DECEMBER, 2015
By the numbers:
-
The inventory of available homes for sale is 5,215
homes at November month end
-
3,239 homes came onto the market
-
3,895 homes went under contract
-
3,392 homes closed
-
Median sold price $315,000
-
Average sold price $361,291
-
Closed dollar volume of $1.225 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 4,119
Sold Homes is 2,358
Average Price is $397,269
Median Price is $345,000
Average Days on Market is 34
Condo:
Active Inventory is 1,096
Sold Homes is 1,034
Average Price is $279,243
Median Price is $224,000
Average Days on Market is 29
Year To Date Market
Recap:
Single Family:
Sold Homes is 34,590
Average Sold Price is $404,262
Median Sold Price is $346,000
Average Days on Market is 30
Condo:
Sold Homes is 14,490
Average Sold Price is $256,197
Median Sold Price is $210,000
Average Days on Market is 26
Market Facts:
While the Denver home market continues the seasonal
slowdown, Buyers remain in the market, Sellers are motivated, the weather is
changing to cooler temperatures, homes for sale remain low, lifestyle choice is
the number one priority of home buyers, the new home closing rules are
impacting the closing time, and the Denver economy is continuing to plow
forward into 2016 even though at a forecasted decreasing rate. 2015 is going to be another record setting
year.
Advice to Sellers:
2016 will be here in a few weeks and as a Seller, what can
you expect from the Denver home market?
Let’s look at the 2016 forecast for the Denver home market:
-
Overall the Denver home market will continue to
move forward; but at a slower pace than 2015.
-
Buyer demand will continue to be strong as Denver
is now a destination city.
-
Price appreciation will not be as great as in
2015.
-
New household formations will continue to
increase and multi generations will look to buy.
-
Denver will continue to be in the top 10 home
markets in 2016.
-
Consumers will continue to focus on home
ownership.
-
New home builders will focus on increasing the
availability of their new homes.
Buyers today are savvier and more educated when it comes to
home markets. Sellers need to know where
they want to live. Home closing time
lines are now increasing by at least a week.
Seller preparation includes:
-
A good pricing comparison analysis
-
Instructions on staging
-
What are the top improvements to make the home
show better
-
A conversation on how the market functions.
As such, the homeowner looking to sell a home needs a
professional who is a local expert, and can assist in the Professional plan to
sell one’s home
Advice to Buyers:
2016 will be here in a few weeks and as a Buyer, what can
you expect from the Denver home market?
Let’s look at the 2016 forecast for the Denver home market:
-
2016 will bring increased home mortgage interest
rates
-
Continuous changes to the closing process
-
Lower price appreciation
-
Strong Buyer demand as Denver is now a
destination city
-
An increase in household formations.
Create your home buying plan and stick to it.
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.
No comments:
Post a Comment