7 COUNTY METROPOLITAN DENVER MARKET UPDATE
SEPTEMBER, 2018
By the numbers:
-
The inventory of available homes for sale is 7,317
homes at August month end
-
6,076 homes came onto the market
-
4,191 homes went under contract
-
5,044 homes closed
-
Median sold price $405,000
-
Average sold price $464,957
-
Closed dollar volume $2.35 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 5,384
Sold Homes is 3,604
Average Price is $513,979
Median Price is $437,500
Average Days on Market is 29
Condo:
Active Inventory is 1,933
Sold Homes is 1,440
Average Price is $342,264
Median Price is $292,250
Average Days on Market is 43
Year To Date Market
Recap:
Single Family:
Sold Homes is 25,633
Average Sold Price is $517,798
Median Sold Price is $440,000
Average Days on Market is 29
Condo:
Sold Homes is 10,555
Average Sold Price is $347,877
Median Sold Price is $295,000
Average Days on Market is 55
Market Facts:
August continued to see changes 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 and
Buyers will be looking for a home to have for the holidays. As a Seller or Buyer, please be aware of the
changes that are occurring in this home market and as always, Be Prepared.
Advice to Sellers:
The Metro Denver Seller’s home market continues to slow down.
Sellers should know what Buyers are looking for, what changes in the home
market that are taking place and will impact you selling your home, and know
that you have to create a lasting impression of your home as you are offering
your home for sale. As a Seller, it is
time to focus on home improvements that will benefit both you as the Seller and
the Buyer. Always remember that as a
Seller, you need to leave a great lasting home impression for all Buyers when
they have been shown your home.
The Denver home market is seeing a decrease in showings,
fewer multiple offers, and buyers who are cognizant of the home market
changes. 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 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:
The Metro Denver home market continues to be a Seller’s
market even though the number of active listings continues to increase and we
are seeing signs of leveling off and preparing for the upcoming fall season. As a Buyer, make the offer that works for you
and is the offer that you can complete to close the transaction. We will see a slowdown of activity; but,
overall the home market will continue to be the Buyer’s destination. 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.
