7 COUNTY METROPOLITAN DENVER MARKET UPDATE
JULY, 2016
By the numbers:
-
The inventory of available homes for sale is 6,234
homes at June month end
-
7,195 homes came onto the market
-
5,341 homes went under contract
-
5,294 homes closed
-
Median sold price $362,000
-
Average sold price $416,112
-
Closed dollar volume $2.2 Billion
Monthly Market Recap:
Single Family:
Active Inventory is 4,930
Sold Homes is 3,905
Average Price is $460,610
Median Price is $395,000
Average Days on Market is 24
Condo:
Active Inventory is 1,304
Sold Homes is 1,389
Average Price is $291,013
Median Price is $247,500
Average Days on Market is 27
Year To Date Market
Recap:
Single Family:
Sold Homes is 17,686
Average Sold Price is $438,598
Median Sold Price is $380,000
Average Days on Market is 34
Condo:
Sold Homes is 7,015
Average Sold Price is $286,462
Median Sold Price is $235,000
Average Days on Market is 34
Market Facts:
Overall, June was a record setting month in the areas of
month end active listings, new listings, average and median sold price, and
number of properties sold. June also saw
an increase in the number of homes coming back onto the market after being
under contract. Mortgage interest rates
have fallen due to the “BREXIT” activity.
Multiple offers, bidding wars, and appraisal and inspection issues
continue to impact the home market. As
always, be prepared.
Advice to Sellers:
The Denver Seller’s market continues and Buyer’s are
remaining in the market. As a Seller,
you pretty much know what Buyer’s are looking for and you know that you have to
create a grand finale which will leave a lasting impression as you are offering
your home for sale. Are you aware that
Buyer’s are now looking for “Smart Homes”?
Smart homes are energy efficient and convenient. Smart homes now have new thermostats,
lighting control, appliance automation, and security. Is your home a Smart Home?
Many 2016 records were set in June; but, we need to be aware
that BREXIT may have some impact on our home market in the coming months which
will impact international buyers.
Be aware that after Smart Homes, the next new focus item
will be Healthy Homes.
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. Now is the time to reach out to a
Professional.
Advice to Buyers:
The Denver home market continues to be a Seller’s market
even though the number of active listings increased in June. Creativity remains with multiple offers,
bidding opportunities, and price appreciation.
Similar to the above comments, be prepared to act quickly. Create your home buying plan and stick to it.
A recent survey for Home Buyers stated that a Buyer should
find out how much you can borrow, do your research, do not settle for the first
home you see, and never underestimate the knowledge of Mom and Dad.
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