7 COUNTY METROPOLITAN DENVER MARKET UPDATE
MARCH, 2016
By the numbers:
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The
inventory of available homes for sale is 3,627 homes
at February month end
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4,081 homes came onto the market
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3,971 homes went under contract
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2,925 homes closed
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Median sold price of $328,000
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Average sold price of $375,696
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Closed dollar volume of $1.1 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 2,847
Sold Homes is 2,024
Average Price is $417,538
Median Price is $360,000
Average Days on Market is 46
Condo:
Active Inventory is 780
Sold Homes is 902
Average Price is $282,106
Median Price is $226,000
Average Days on Market is 42
Year To Date Market
Recap:
Single Family:
Sold Homes is 4,066
Average Sold Price is $414,851
Median Sold Price is $354,000
Average Days on Market is 46
Condo:
Sold Homes is 1,706
Average Sold Price is $276,572
Median Sold Price is $221,250
Average Days on Market is 42
Market Facts:
February was another amazing month in the Denver home
market. Even though consumer confidence
decreased month over month, the consistent media exposure talked about the #1
home market being the Denver area.
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The
number of homes for sale set a new record low.
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With that being said, active listings are in
high demand.
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Buyers and Sellers need to be aware of all facts
impacting the Denver home market as the prime home selling and buying season is
here.
Advice to Sellers:
What should you do if you are ready to sell your home?
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First and foremost, don’t overprice your home
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Make your home shine and stand out from the
competition
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De-clutter, de-clutter, de-clutter
Many current home owners are in the process of preparing
their home to be sold; but, they are doing upgrades that are costly, not
necessarily desirable by potential buyers, and negative net returns.
Here are some things to think about for upgrades: energy efficient, low emission, tank less
water heater, “Nest” type thermostats, kitchen upgrades, opening up floor plans,
hardwood flooring, new counter tops, “amped” appliances, and multiple charging
stations.
With continued Denver population growth and consumer demand
for home ownership, market frenzy can be expected for the next several months
in the lower price ranges.
Seller preparation includes a good pricing comparison
analysis, instructions on staging, what are the top improvements, 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, and can assist in the Professional plan to sell one’s home.
Advice to Buyers:
What should you do if you are ready to buy? First and foremost, focus on your lifestyle
and must haves. Next, pre-qualify so you
know what portion of the market you can participate in. The current Buyer motivation relates to high
rents, low number of active homes for sale, and household formation. Last but not least, do it now.
The prime home selling and buying season is here. Be aware of moderate home price growth and
potential increase in mortgage interest rates.
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.
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