7 COUNTY METROPOLITAN DENVER MARKET UPDATE
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
Condo:
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
Condo:
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.
No comments:
Post a Comment