Saturday, November 19, 2016
Denver Real Estate Market Update November 2016
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
By the numbers:
- The inventory of available homes for sale is 6,235 homes at October month end
- 4,657 homes came onto the market
- 4,628 homes went under contract
- 4,475 homes closed
- Median sold price of $349,900
- Average sold price of $397,611
- Closed dollar volume of $1.779 Billion.
Monthly Market Recap:
Active Inventory is 4,799
Sold Homes is 3,162
Average Price is $442,934
Median Price is $380,000
Average Days on Market is 34
Active Inventory is 1,436
Sold Homes is 1,313
Average Price is $288,462
Median Price is $241,700
Average Days on Market is 30
Year To Date Market Recap:
Sold Homes is 31,951
Average Sold Price is $441,735
Median Sold Price is $380,000
Average Days on Market is 32
Sold Homes is 12,811
Average Sold Price is $286,100
Median Sold Price is $239,000
Average Days on Market is 31
October was a very interesting month in the Denver home market as we saw an increased seasonal slowdown that was not only impacted by the time of year; but, also by the current election cycle. Thankfully the election is over and now we all can focus on our priorities. Active listings at month end have decreased as well as closings. The Denver home market will continue to see a seasonal adjustment. As always, Buyer or Seller be prepared.
Advice to Sellers:
Buyers today continue to be more educated on the Denver home market. We are in a slower time of year as traditionally the 4th Quarter relates to less home closing transactions per month than in the previous months of the year. With fewer homes available for sale a Buyer could be around the corner at any time.
As a Seller in the current home market, you need to be aware of: (1) Increased appraisal times, (2) Buyers focused on smart homes, (3) Renovated and energy efficient homes becoming a priority (4) Healthy homes are now becoming a new priority as well (5) Interest rate increases will impact the home market while home price appreciation will remain low for the foreseeable future.
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:
November is considered to be yet another great month for Buyers. This is because the prime home buying season has passed, the number of Buyers in the Denver home market will be fewer than the previous month, home prices are not increasing as fast as they have in previous months, and there are fewer homes available than in prior months. Be prepared to act quickly, create your home buying plan, and stick to it.
Home pricing will remain constant with little or no price appreciation, mortgage interest rates remain low today, even though there is every indication that mortgage interest rates will increase in the near future, and Sellers will be open to multiple offers.
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.