7 COUNTY METROPOLITAN DENVER MARKET UPDATE
JANUARY, 2019
By the numbers:
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The inventory of available homes for sale is 5,034
homes at December month end
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2,168 homes came onto the market
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2,518 homes went under contract
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3,364 homes closed
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Median sold price $395,000
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Average sold price $451,792
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Closed dollar volume $1.520 Billion.
Monthly Market Recap:
Single Family:
Active Month End Inventory is 3,454
Sold Homes is 2,418
Average Price is $494,153
Median Price is $425,000
Average Days on Market is 48
Condo:
Active Month End Inventory is 1,580
Sold Homes is 946
Average Price is $343,517
Median Price is $294,650
Average Days on Market is 71
Year To Date Market
Recap:
Single Family:
Sold Homes is 36,706
Average Sold Price is $512,638
Median Sold Price is $437,000
Average Days on Market is 32
Condo:
Sold Homes is 15,247
Average Sold Price is $347,036
Median Sold Price is $295,000
Average Days on Market is 58
Market Facts:
The Metro Denver home market changed in 2018 and is moving
towards a Buyer’s market due to increased inventory, 2019 overall will continue
to be a Seller’s market with many Buyers and price appreciation. The last few months have seen the number of
active listings decrease, the number of homes sold decrease, home price
appreciation slowing down, buyer and seller demand changing, and mortgage
interest rates increasing. As a Buyer or
Seller, know what is happening in the home market and the local, state, and
national economy.
Advice to Sellers:
The Metro Denver 2018 Seller’s home market is done and Sellers
should know what will be happening in the market in 2019. The last several months of 2018 have shown
both Seller’s and Buyer’s what will be a different year for the Denver Metro
Home Market. Comments from several
national data base companies state that price appreciation will continue to
increase slowly, mortgage interest rate increases will impact Buyers, the
inventory of active listings will remain lower than normal, and the overall
2019 Metro Denver Home Market will change from what has taken place in the
prior years. Buyer demand will continue
but homes are now taking longer to sell and Buyers always will determine what
your home is worth. As a Seller, focus
on 2019 and the changes in the home market.
Manage your expectations, be flexible, 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, market 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:
As a Buyer, know that the homes available for sale will continue
to be low. As a Buyer, you will probably
see that the number of Buyers will continue.
Sellers will continue to focus on the sale of their home; but, now in a
different time frame. Sellers 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. As
a Buyer, be aware that the mortgage interest rates will increase several times this
year in 2019. As a Buyer, if you do not
buy now, in the future you will have less opportunity. 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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