By the numbers:
Monthly Market Recap:
Active Month End Inventory is 3,603
Sold Homes is 2,204
Average Price is $506,388
Median Price is $427,275
Average Days on Market is 48
Active Month End Inventory is 1,772
Sold Homes is 971
Average Price is $344,251
Median Price is $295,000
Average Days on Market is 50
Year To Date Market Recap:
Sold Homes is 4,145
Average Sold Price is $498,807
Median Sold Price is $425,000
Average Days on Market is 49
Sold Homes is 1,772
Average Sold Price is $350,201
Median Sold Price is $292,500
Average Days on Market is 57
Source: REcolorado.com – March 5, 2019
The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
The February Metro Denver home market is definitely seeing a seasonal market pick up with homes on the market, homes closing, moderate price appreciation, and many millennial buyers. Metro Denver is still a highly competitive housing market. Strong job market and gradual decline in mortgage interest rates will continue to usher housing demand. As a Buyer or Seller, know what is happening in the home market and the local, state, and national economy.
Advice to Sellers:
What should you do if you are ready to sell your home? Think about a Seller Counseling Session. This will demonstrate your home value, set expectations, reduce risk, know what can and cannot do, outline the process, inform you of what Buyers are doing, and provide resources. Learn about the value of renovations and or upgrades. Buyer demand will continue as we see more Buyers in the market. Buyers are now all generation from young age to older age. Homes are now taking a little longer to sell and price appreciation is minimal. Buyers always will determine what your home is worth. As a Seller, focus on 2019 and the changes in the home market.
With continued Metro Denver population growth and consumer demand for home ownership, market frenzy is here, and can be expected to continue for several months.
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, 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. First and foremost, focus on your lifestyle and must haves. As a Buyer, be the early bird and get into the home market now. As a Buyer, be aware that the mortgage interest rates are not increasing now in 2019.
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.