RE/MAX National Housing Report October 2017

RE/MAX National Housing Report September 2017

Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado 2016!

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8425 Pebble Creek Way 103 Highlands Ranch CO 80126 - Michael Kozlowski

Denver Real Estate Market Update October 2017

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2017

By the numbers:

-          The inventory of available homes for sale is 6,733 homes at September month end

-          5,425 homes came onto the market

-          4,386 homes went under contract

-          4,520 homes closed

-          Median sold price $375,000

-          Average sold price of $422,009

-          Closed dollar volume of $1.91 Billion. 

Monthly Market Recap:

Single Family:                                                                      

Active Inventory is 4,964                                                      

Sold Homes is 3,184                                                                         

Average Price is $469,049                                         

Median Price is $405,000                                          

Average Days on Market is 29                                                          

Condo:

Active Inventory is 1,769

Sold Homes is 1,336

Average Price is $309,901

Median Price is $265,000

Average Days on Market is 41

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 29,331                                                

Average Sold Price is $474,776                                           

Median Sold Price is $407,900                                  

Average Days on Market is 31                                  

Condo:

Sold Homes is 12,023

Average Sold Price is $312,370

Median Sold Price is $265,000

Average Days on Market is 39

Market Facts:

Fall is here and we are seeing an increasingly seasonal slowdown in the Denver Metro home market.  Showings are slowing down, mortgage rates have risen, Sellers are reducing prices, Buyers are escalating demands during the inspection process, and many Buyers now want turn key properties so they can move in and live to their expectations.  Overall, the home market is good year over year.  As a Seller or Buyer, be prepared. 

Advice to Sellers:

With an increased seasonal slowdown in the Denver home market, Sellers need to be aware what should be done so that Buyers will keep the Seller’s home within their desire to buy.  Keep in mind that curb appeal entices the Buyers to see more and is known as the first impression.  Next, remember to declutter and stage rooms for a purpose.  Pay attention to details and light up the home by cleaning and adding LED lightbulbs.  Always remember that as a Seller you need to leave a great lasting impression on all Buyers when they are shown your home.

Buyer’s priority upgrades include: kitchen, bathroom, flooring, master suite, HVAC, closet renovation, and insulation.

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 market knowledgeable, and can assist in the Professional plan to sell one’s home.  Now is the time to reach out to a Professional more than ever in recent history.

Advice to Buyers:

There is every indication that Buyers will see a different fall home market than in the prior years.  What this means is that the Denver home market will continue to show seasonal signs of leveling off and Buyers will see a slowdown of activity.  Be prepared to act quickly, create your home buying plan, and stick to it.

Home pricing will remain constant with little price appreciation.  Even though mortgage interest rates remain low today, there is every indication that mortgage interest rates will continue to increase in the near future.  What this means is that with an increase, Buyers will be able to borrow less than currently.

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.

2791 Mountain Sky Dr Castle Rock CO 80104 - Michael Kozlowski - REMAX Pr...