Thursday, September 20, 2018

Denver Real Estate 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                                                       


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                                


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.

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