7 COUNTY METROPOLITAN DENVER MARKET UPDATE
SEPTEMBER, 2017
By the numbers:
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The inventory of available homes for sale is 6,506
homes at August month end
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5,938 homes came onto the market
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4,873 homes went under contract
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5,152 homes closed
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Median sold price $375,000
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Average sold price $427,188
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Closed dollar volume $2.2 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 4,902
Sold Homes is 3,590
Average Price is $476,180
Median Price is $409,000
Average Days on Market is 28
Condo:
Active Inventory is 1,604
Sold Homes is 1,562
Average Price is $314,587
Median Price is $270,750
Average Days on Market is 38
Year To Date Market
Recap:
Single Family:
Sold Homes is 26,056
Average Sold Price is $475,502
Median Sold Price is $408,000
Average Days on Market is 31
Condo:
Sold Homes is 10,647
Average Sold Price is $312,756
Median Sold Price is $265,000
Average Days on Market is 39
Market Facts:
Summer nears the end.
For the second consecutive month, the home market continues a slowdown
and seasonal cooling. The home market continues to be a Seller’s market; but,
Buyers are not as aggressive as they have been in the past. Low inventory of active listings continues to
impact the home market. Price
appreciation is also slowing down. New
home builders continue changing their products.
As always, be prepared.
Advice to Sellers:
The Denver Seller’s market slowdown continues. With sales slowing and the inventory of
active listings reaching its seasonal peak, the Denver home market is cooling. It is time as a Seller to focus on the
following six (6) items to attract more Buyer’s: (1) enhancing the kitchen, (2) updating or
refinishing flooring, (3) updating the bathrooms, (4) bringing in new cabinetry,
(5) updating electrical wiring and wire for internet, and (6) adding lots of
storage. Always remember that as a
Seller you need to leave a great lasting impression on all Buyers when they are
shown your home. Home builders continue
changing their product line; so, this may be new competition.
The Denver home market is seeing a decrease in showings,
fewer multiple offers, and buyers who are cognizant of the market change. Yes, buyers want to own a home; but with more
homes available on the market, they are looking at all active listings within
their home choices.
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, is hyper local market knowledgeable, 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 continued to show signs of leveling
off and preparing for the upcoming fall season.
We will see a slowdown of activity; but, overall the home market will
continue to be the Buyer’s destination.
Be prepared to act quickly, create your home buying plan, and stick to
it.
There are discussions going on regarding a “housing
bubble”. In reality, this is only a
discussion because this home market is seeing more incoming Buyers into the market
and certain generational individuals becoming Buyers.
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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