7 COUNTY METROPOLITAN DENVER MARKET UPDATE
OCTOBER, 2018
By the numbers:
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The inventory of available homes for sale is 7,865
homes at September month end
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5,483 homes came onto the market
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3,776 homes went under contract
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3,921 homes closed
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Median sold price $398,950
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Average sold price $451,525
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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
Condo:
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
Condo:
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:
The Metro Denver home market is
moving closer to become a Buyer’s market.
The number of active listings has increased, the number of homes sold
has decreased, the average and median sold price has decreased, buyer demand remains
high, and mortgage interest rates are increasing. Overall, the Metro Denver Home Market
continues to be a prime market and Buyers will continue to buy a home prior to the
holidays. As always, Be Prepared.
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.
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