Denver Real Estate Market Update February 2017

Denver Real Estate Market Update February 2017

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7 COUNTY METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2017

By the numbers:

-          The inventory of available homes for sale is 3,655 homes at January month end

-          3,620 homes came onto the market

-          3,525 homes went under contract

-          3,004 homes closed

-          Median sold price $348,218

-          Average sold price $399,856

-          Closed dollar volume of $1.2 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 2,698                                                      

Sold Homes is 2,121                                                                          

Average Price is $445,961                                         

Median Price is $379,900                                          

Average Days on Market is 47                                                          

Condo:

Active Inventory is 957

Sold Homes is 883

Average Price is $289,111

Median Price is $242,000

Average Days on Market is 36

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 2,121                                                              

Average Sold Price is $445,961                                            

Median Sold Price is $379,900                                  

Average Days on Market is 47                                  

Condo:

Sold Homes is 883

Average Sold Price is $289,111

Median Sold Price is $242,000

Average Days on Market is 36

Market Facts:

January 2017 set records when compared to prior January home transactions.  Buyer demand remains strong and the inventory of active listings remains low.  Denver continues to be a destination city.  Buyers and Sellers need to be aware of all facts impacting the Denver home market.  The prime home selling and buying season is around the corner and as a Seller or a Buyer, be prepared as the “hot” prime season will start soon.  The home market is changing.

Advice to Sellers:

Recognizing that “Housing Forecasts” predict a healthy real estate market for 2017, Seller’s need to be aware that the housing market is forecasted to be a Seller’s market due to strong Buyer demand, relatively low inventory of homes for sale, and reasonable price appreciation.  With this being said, here are some top tips for 2017 Seller’s.  List your home during the prime home selling and home buying season which is just around the corner. Strong Buyer demand will benefit Sellers.   Second, price your home to the market.  Be very aware of recent pricing for homes sold in or near your neighborhood or are a similar home to yours.  Third, consider what you as a Seller needs to do to your home or if you may need to offer incentives to make the home more marketable.

Denver will see more Buyers from all over the world.  Denver will continue to be in the top five home markets in 2017.  Consumers will continue to focus on home ownership.

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, market knowledgeable and can assist in the Professional plan to sell one’s home.  Now is the time to reach out to a Professional as the real estate market is localized and very dynamic. Don’t take your chances that a lower cost option will save money and yield similar results as it often doesn’t.

Advice to Buyers:

The 2017 housing market is forecasted to be primarily a Seller’s market mainly due to high Buyer demand and low inventory of homes for sale.  The prime home selling and buying season is just around the corner and expect another market frenzy year.  As a Buyer, be the early bird and get into the home market now, do your homework and be approved for the best mortgage option for you, consider buying a new home that meets your expectations, and look at the entire home market.  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.