7 COUNTY METROPOLITAN DENVER MARKET UPDATE
MAY, 2019
By the numbers:
-
The inventory of available homes for sale is 6,261
homes at April month end
-
6,910 homes came onto the market
-
5,349 homes went under contract
-
4,722 homes closed
-
Median sold price $415,000
-
Average sold price $487,834
-
Closed dollar volume of $2.3 Billion.
Monthly Market Recap:
Single Family:
Active Month End Inventory is 4,295
Sold Homes is 3,265
Average Price is $543,657
Median Price is $455,000
Average Days on Market is 34
Condo:
Active Month End Inventory is 1,966
Sold Homes is 1,457
Average Price is $362,739
Median Price is $300,000
Average Days on Market is 57
Year To Date Market Recap:
Single Family:
Sold Homes is 10,433
Average Sold Price is $517,787
Median Sold Price is $440,000
Average Days on Market is 42
Condo:
Sold Homes is 4,552
Average Sold Price is $355,810
Median Sold Price is $297,000
Average Days on Market is 59
Market Facts:
The peak home selling season is in full swing in Metro Denver. Metro Denver remains a top destination for Millennials. For Buyers, more active listings are coming and the competition will be strong. For Sellers, if your home sits longer than a month, it is time to revisit the market strategy, and make sure the home is move in ready. As a Buyer or Seller, know what is happening in the home market. Metro Denver continues to be a great home market.
Advice to Sellers:
The Metro Denver home market is in prime season. Consider the value of renovations and or upgrades, decluttering, and staging the home. Buyer demand will continue as we see more Buyers in the market. 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, if your home sits longer than a month, it is time to revisit the marketing strategy.
As a Seller, your home needs to be priced right from the very beginning. Manage your expectations, make sure your home is move-in ready, be flexible, and accept the offer that works best for you the Seller. Note that Buyers are bringing their A game to the Denver 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 prime home market continues to move forward with many competing Buyers. First and foremost, focus on your lifestyle and home requirements. As a Buyer, get into the home market now and make the offer that works for you so you can complete to close the transaction. 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.
