7 COUNTY METROPOLITAN DENVER MARKET UPDATE
FEBRUARY, 2019
By the numbers:
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The inventory of available homes for sale is 5,262
homes at January month end
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4,502 homes came onto the market
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3,545 homes went under contract
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2,708 homes closed
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Median sold price $391,426
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Average sold price $451,783
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Closed dollar volume $1.223 Billion.
Monthly Market Recap:
Single Family:
Active Month End Inventory is 3,544
Sold Homes is 1,922
Average Price is $490,434
Median Price is $421,750
Average Days on Market is 50
Condo:
Active Month End Inventory is 1,718
Sold Homes is 786
Average Price is $357,271
Median Price is $290,000
Average Days on Market is 70
Year To Date Market
Recap:
Single Family:
Sold Homes is 1,922
Average Sold Price is $490,434
Median Sold Price is $421,750
Average Days on Market is 50
Condo:
Sold Homes is 786
Average Sold Price is $357,271
Median Sold Price is $290,000
Average Days on Market is 70
Market Facts:
There is always a transition in the January Metro Denver
home market as Sellers are bringing homes onto the market and Buyers are ready
to buy. 2019 overall will be a Seller’s
and/or Buyer’s market. Even though the
changes noted in 2018 will continue in 2019, the Metro Denver home market will
be beneficial to all. 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 2019 Seller’s home market is here and Sellers
should know what will be happening in the market. As a Seller, list your home as the prime home
selling season is just around the corner and more important, price your home
for the market. Note that 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 low, current city, state,
and national activities will impact our home market, and the overall 2019 Metro
Denver Home Market will change from what has taken place in the prior
years. Buyer demand will continue. Homes are now taking longer to sell. Buyers always will determine what your home
is worth. As a Seller, focus on 2019 and
the changes in the home market.
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, you will probably see that the number of competing
Buyers will continue. Sellers will
continue to focus on the sale of their home.
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, be the early bird and get into
the home market now. 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 again 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.
