7 COUNTY METROPOLITAN DENVER MARKET UPDATE
AUGUST, 2019
By the numbers
-
The inventory of available homes for sale is 8,156
homes at July month end
-
6,019 homes came onto the market
-
4,909 homes went under contract
-
5,355 homes closed
-
Median sold price $427,500
-
Average sold price $487,198
-
Closed dollar volume of $2.61 Billion.
Monthly Market Recap:
Single Family: Condo:
Active Month End Inventory is 5,742
Active Month End Inventory is 2,414
Sold Homes is 3,819
Sold
Homes is 1,536
Average Price is $539,632
Average
Price is $356,829
Median Price is $463,500
Median
Price is $310,000
Average Days on Market is 26
Average
Days on Market is 46
Year To Date Market
Recap:
Single Family: Condo:
Sold Homes is 22,328
Sold
Homes is 9,268
Average Sold Price is $530,798
Average Sold Price is $360,963
Median Sold Price is $450,000
Median Sold Price is $302,000
Average Days on Market is 34
Average
Days on Market is 56
Market Facts:
Buyers and Sellers pulled back in July and we are now seeing
many concessions taking place.
New
active listings continue to increase.
Buyers
are also working with new home builders.
For Sellers, you will see an increase in offers, negotiations, and the
possibility of price adjustments.
With
interest rates staying low and many buyers in the market, it continues to be a
perfect time to buy and sell.
Metro Denver
will continue to see a change in the home market.
Advice to Sellers:
The Metro Denver home market is now seeing many concessions.
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, decluttering, and staging the home.
Buyer demand will continue as we see more Buyers and investors in the
market.
Many Buyers will be looking for
a new home prior to the start of the school season.
Homes are now taking a little longer to sell
and price appreciation is changing.
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, introduction
to a net sheet to understand the bottom line, 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, be realistic about your budget, start saving as
soon as possible, create your plan, grow your credit score, lock in your rate
now, keep your eye on the home market because more homes are now available, and
consider your family wants and needs..
First
and foremost, focus on your lifestyle and home requirements.
As a Buyer, 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 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.
