Wednesday, April 19, 2017

Denver Real Estate Market Update April 2017


APRIL, 2017

By the numbers:

-          The inventory of available homes for sale is 4,428 homes at March month end

-          6,291 homes came onto the market

-          4,860 homes went under contract

-          4,480 homes closed

-          Median sold price $371,000

-          Average sold price $423,437

-          Closed dollar volume $1.9 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 3,341                                                      

Sold Homes is 3,187                                                                          

Average Price is $467,874                                         

Median Price is $405,000                                          

Average Days on Market is 40                                                          


Active Inventory is 1,087

Sold Homes is 1,293

Average Price is $313,944

Median Price is $259,500

Average Days on Market is 34

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 7,478                                                              

Average Sold Price is $454,811                                            

Median Sold Price is $393,500                                  

Average Days on Market is 43                                  


Sold Homes is 3,147

Average Sold Price is $300,659

Median Sold Price is $250,000

Average Days on Market is 37

Market Facts:

Spring is here, more new listings are coming on to the market, now is the prime home selling/buying season and the market is off and running.  Mortgage interest rates had increased for a while but have come down recently. Buyer demand is huge and active listings are increasing; but, homes are selling relatively quickly if price right.  Whether you a Seller or a Buyer, you need to be aware of the home market and all the creative activities that are now part of the home buying process, and be prepared.

Advice to Sellers:

The Denver home market is a Seller’s market.  As a Seller, you must know your home’s value and then have it listed at the right price.  Also, it is to your advantage to list your home during the peak season, which is now.  Last but not least, the Denver home market is now very creative.  Be prepared for multiple offers, bidding opportunities, and requests for incentives.  Do not scare Buyer’s away, take care of your home, your yard and make that good first and lasting impression.

Looking for those good but yet inexpensive Spring home improvements that cost around $1,000 or less?  Here are some suggestions:  siding repair, painting the front door, staining your deck, cleaning the air ducts, and fertilizing your lawn.

Seller preparation includes a good pricing comparison analysis, instructions on staging, and 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 that 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 prime home selling and home buying season is here and the Denver home market is a Seller’s market again this Spring.  What does this mean to you as a Buyer?  First, active listings of homes for sale coming onto the market are increasing; but, homes are going “under contract” quickly.  As a Buyer, be prepared to move quickly to set up a showing and if the home is the home of your dreams, make an offer now.  Second, the Denver home market is becoming very creative again with multiple offers, bidding opportunities, and price appreciation.  Similar to the above comments, be prepared to act quickly.

Be aware of moderate home price growth and potential increases 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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