7 COUNTY METROPOLITAN DENVER MARKET UPDATE
DECEMBER, 2017
By the numbers:
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The inventory of available homes for sale is 4,584
homes at November month end
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3,443 homes came onto the market
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3,642 homes went under contract
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4,242 homes closed
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Median sold price $371,259
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Average sold price $429,038
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Closed dollar volume $1.82 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 3,322
Sold Homes is 2,978
Average Price is $474,535
Median Price is $401,000
Average Days on Market is 37
Condo:
Active Inventory is 1,262
Sold Homes is 1,264
Average Price is $321,845
Median Price is $269,950
Average Days on Market is 45
Year To Date Market
Recap:
Single Family:
Sold Homes is 35,653
Average Sold Price is $475,163
Median Sold Price is $407,529
Average Days on Market is 32
Condo:
Sold Homes is 14,703
Sold Homes is 14,703
Average Sold Price is $314,375
Median Sold Price is $265,000
Average Days on Market is 40
Market Facts:
While 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, and lifestyle choices are the number one priority of home buyers. The Denver economy is continuing to move
forward into 2018. 2017 is another
record setting year and we will see changes in 2018.
Advice to Sellers:
2018 will be here in a few weeks and as a Seller, what can
you expect? First of all, December is a
good month for Buyers. With the number
of active listings really low, Buyers will not see frenzied bidding wars. What this means to you as a Seller is that
you will be given the opportunity to sell your home before year end; but
possibly at a reduced price. Overall the
Denver home market will continue to move forward; but at a slower pace than 2017. Buyer demand will continue to be strong. Price appreciation will not be as great as in
2017. New household formations will continue
to increase and multi generations will look to buy. The proposed change in the tax reform may
have an impact on home ownership even though Consumers will continue to focus
on home ownership.
Buyers today are savvier and more educated when it comes to
home markets. Sellers need to know where
they want to live. Inspection items are
now impacting closings.
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 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:
2018 will be here in a few weeks and as a Buyer, what can
you expect? During this offseason, it
may be less expensive to buy a home.
Sellers are serious to sell their home before year end. 2018 will bring increased home mortgage
interest rates, continuous changes to the closing process, lower overall price
appreciation, strong Buyer demand, and an increase in household formations. The current proposed change in the tax reform
may have an impact on home ownership.
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
