Wednesday, December 14, 2016

Denver Real Estate Market Update December 2016

7 COUNTY METROPOLITAN DENVER MARKET UPDATE
DECEMBER, 2016
By the numbers:
  • The inventory of available homes for sale is 3,476 homes at November month end
  • 3,543 homes came onto the market
  • 2,295 homes went under contract
  • 4,142 homes closed
  • Median sold price $350,000
  • Average sold price $400,569
  • Closed dollar volume $1.659 Billion.  
Monthly Market Recap:
Single Family:                                                                      
  • Active Inventory is 2,566                                                      
  • Sold Homes is 2,969                                                                          
  • Average Price is $443,058                                         
  • Median Price is $376,000                                          
  • Average Days on Market is 39                                                          
 Condo:
  • Active Inventory is 910
  • Sold Homes is 1,173
  • Average Price is $293,025
  • Median Price is $247,000
  • Average Days on Market is 31
Year To Date Market Recap:
 Single Family:                                                                      
  • Sold Homes is 34,995                                                
  • Average Sold Price is $441,821                                            
  • Median Sold Price is $380,000                                  
  • Average Days on Market is 33                                   
Condo:
  • Sold Homes is 14,019
  • Average Sold Price is $286,663
  • Median Sold Price is $239,900
  • Average Days on Market is 31
Market Facts:
The Denver home market continues the seasonal slowdown with a focus on family and holidays. Buyers remain in the market, Sellers are motivated and looking forward. Winter weather is on the way, homes for sale remain low, lifestyle choices and smart homes are the number one priority of home buyers. The Denver economy is continuing to move forward strongly into 2017.  2016 is another record setting year but we will start to see changes in 2017.
Advice to Sellers:
2017 will be here in a few weeks and as a Seller, what can you expect from the Denver home market?
Let’s look at 2017 predictions for the Denver home market:
  • Overall the Denver home market will continue to move forward; but at a slower pace than 2016.
  • Buyer demand will continue to be strong as Denver continues to be a destination city.
  • Price appreciation will not be as great as in 2016.
  • 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 2017.
  • Consumers will continue to focus on home ownership.
  • New home builders will focus on increasing the availability of their new 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 also knowledgeable in the entire market.
Advice to Buyers:
2017 will be here in a few weeks and as a Buyer, what can you expect from the Denver home market?
Let’s look at a 2017 prediction for the Denver home market:
  • 2017 will bring increased home mortgage interest rates
  • Continuous changes to the closing process
  • Lower price appreciation
  • Strong Buyer demand as Denver continues to be 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.

RMP Market Report- December 2016.jpg