Saturday, August 25, 2018

RE/MAX National Housing Report July 2018

RE/MAX National Housing Report July 2018
Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado! Selling Homes Over Full Price in 2018!
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Thursday, August 9, 2018

Denver Real Estate Market Update August 2018


AUGUST, 2018

By the numbers

-        The inventory of available homes for sale is 6,762 homes at July month end

-        5,910 homes came onto the market

-        4,696 homes went under contract

-        4,923 homes closed

-        Median sold price $412,000

-        Average sold price $471,734

-        Closed dollar volume $2.32 Billion. 

Monthly Market Recap:

Single Family:                                                                   

Active Inventory is 5,069                                                   

Sold Homes is 3,529                                                                      

Average Price is $521,834                                      

Median Price is $448,500                                        

Average Days on Market is 23                                           


Active Inventory is 1,693

Sold Homes is 1,394

Average Price is $344,902

Median Price is $295,000

Average Days on Market is 40         

Year To Date Market Recap:

Single Family:                                                                   

Sold Homes is 21,895                                             

Average Sold Price is $518,755                                         

Median Sold Price is $442,000                                

Average Days on Market is 29                                


Sold Homes is 9,065

Average Sold Price is $348,999

Median Sold Price is $295,000

Average Days on Market is 56

Market Facts:

July is historically a slower month than June and this July continues to be weaker as overall buyer activity has slowed causing a cooling in the Metro Denver home market.  The number of active listings has increased, the number of homes sold has decreased, and the average and median sold price has decreased.  Overall, the Metro Denver Home Market continues to be a prime market.  As a Seller or Buyer, please be aware of the changes that are occurring in this home market.

Advice to Sellers:

The Metro Denver Seller’s home market is slowing down but Buyer’s will continue to look to purchase a home of their choice.  Sellers should know what Buyers are looking for, what changes in the home market that are taking place that will impact selling their home, and know that as a Seller you have to create a lasting impression of your home.  Buyer’s continue to focus on “Smart Homes”, “Healthy Homes”, Life Style choices, and their best choice of a home.

Manage your expectations, be flexible, be civil, and accept the offer that works best for you the Seller.

Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements, introduction to a net sheet to understand the bottom line, 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 Metro Denver home market continues to be a Seller’s market even though the number of active listings continued to increase in July.  As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction.  The Denver home market is seeing a continuous slow down which equates to an increase in the number of days a home stays on the market.  As a Buyer, be prepared to act quickly.

The Metro Denver population is increasing and we are seeing Home Buyer’s find their own independence through homeownership.  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.