Friday, May 10, 2019

Denver Real Estate Market Update April 2019



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.






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