Saturday, October 20, 2018

RE/MAX National Housing Report October 2018

September Home Sales Tumble as Prices Remain at Record Highs

1.) September sales dropped 11.6% year-over-year nationwide
2.) Median sale prices rose to $241,000. That’s an increase for the 30th month in a row
3.) Active inventory dropped 4.7% from September 2017. That’s the 119th month in a row to see fewer homes on the market.

The drop in sales does suggest that the market is rebalancing as buyers and sellers are processing higher interest rates. Prices are still high most likely because of the lack of homes that are on the market.  
Of course, these numbers represent a national sample. If you’re thinking about a transition or just interested in finding out what all of this means for the value of your property,  I’d be happy to talk to you about our local market.

Tuesday, October 16, 2018

Denver Real Estate Market Update October 2018



By the numbers:

-        The inventory of available homes for sale is 7,865 homes at September month end

-        5,483 homes came onto the market

-        3,776 homes went under contract

-        3,921 homes closed

-        Median sold price $398,950

-        Average sold price $451,525

-        Closed dollar volume of $1.77 Billion. 

Monthly Market Recap:

Single Family:                                                                   

Active Inventory is 5,751                                                   

Sold Homes is 2,734                                                          

Average Price is $496,570                                      

Median Price is $425,000                                        

Average Days on Market is 33                                                       


Active Inventory is 2,114

Sold Homes is 1,187 

Average Price is $347,775

Median Price is $299,525

Average Days on Market is 56

Year To Date Market Recap:

Single Family:                                                                   

Sold Homes is 28,478                                             

Average Sold Price is $515,657                                         

Median Sold Price is $440,000                                

Average Days on Market is 29                                


Sold Homes is 11,794

Average Sold Price is $347,764

Median Sold Price is $295,000

Average Days on Market is 55

Market Facts:

Advice to Sellers:

The Metro Denver Seller’s home market continues slowing down.  Sellers should know what is happening in the market.  Active listings have increased.  Buyer demand continues.  Price appreciation levels are dropping.  Interest rates are increasing.  Homes are now taking longer to sell.  Buyers always will determine what your home is worth.  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 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:

The Denver home fall market is here.  As a Buyer, know that the homes available for sale will continue to increase.  As a Buyer, you will probably see that the number of Buyers will continue to be a high number.  Sellers will continue to focus on the sale of their home; but, they know that the market is changing and as a Seller, they will have to consider the changes taking place in the Metro Denver Home Market.  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.

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.