Tuesday, April 17, 2018

Denver Real Estate Market Update April 2018

Denver Real Estate Market Update April 2018
Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado! Selling Homes Over Full Price Already in 2018!
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APRIL, 2018
By the numbers:
- The inventory of available homes for sale is 4,218 homes at March month end
- 5,904 homes came onto the market
- 4,625 homes went under contract
- 4,247 homes closed
- Median sold price $404,000
- Average sold price $460,843
- Closed dollar volume of $1.957 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 3,088
Sold Homes is 2,946
Average Price is $513,214
Median Price is $438,700
Average Days on Market is 32
Active Inventory is 1,130
Sold Homes is 1,301
Average Price is $342,253
Median Price is $291,000
Average Days on Market is 77
Year To Date Market Recap:
Single Family:
Sold Homes is 7,027
Average Sold Price is $499,993
Median Sold Price is $429,000
Average Days on Market is 38
Sold Homes is 3,181
Average Sold Price is $343,443
Median Sold Price is $290,000
Average Days on Market is 75
Market Facts:
The prime home selling and home buying season is here. Spring has provided more new listings. We are seeing increased Buyer and Seller activity. Be prepared to see several mortgage interest rate increases through the remainder of the year. As a Seller or a Buyer, be prepared as the prime season will be creative, a market frenzy, and a prime home market. Overall, price appreciation and active listings remain a market factor.
Advice to Sellers:
The Denver home market continues as a Seller’s market. As a Seller, you must know your home’s value and then have it listed at the best 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. Take care of your home and make it a great first and last number one impression. With continued Denver population growth and consumer demand for home ownership, market frenzy is here and can be expected to continue for the next several months.
Be prepared and knowledgeable as you will be seeing many changes in the Denver home market. Examples of some these changes are block chain and crypto currency offers and offers coming from Buyers that will start and complete the home purchase transaction through the cloud. 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, 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:
What should you do if you are ready to buy? First and foremost, focus on your lifestyle and must haves. Next, pre-qualify so you know what portion of the market you can participate in. The current Buyer motivation relates to high rents, low number of active homes for sale, and household formation. Last but not least, do it now and be prepared to act quickly.
The prime home selling and buying season is here. Be aware of home price growth and mortgage interest rate increases. 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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