7 COUNTY METROPOLITAN DENVER MARKET UPDATE
SEPTEMBER, 2019
By the numbers:
-
The inventory of available homes for sale is 8,181
homes at August month end
-
6,164 homes came onto the market,
-
4,705 homes went under contract
-
5,154 homes closed
-
Median sold price $420,000
-
Average sold price $477,545
-
Closed dollar volume $2.46 Billion.
Monthly Market Recap:
Single Family: Condo:
Active Month End Inventory is 5,673
Active Month End Inventory is 2,508
Sold Homes is 3,609
Sold
Homes is 1,545
Average Price is $523,862
Average
Price is $369,350
Median Price is $452,500
Median
Price is $306,500
Average Days on Market is 33
Average
Days on Market is 50
Year To Date Market
Recap:
Single Family: Condo:
Sold Homes is 25,990
Sold
Homes is 10,831
Average Sold Price is $529,727
Average Sold Price is $361,958
Median Sold Price is $450,000
Median Sold Price is $302,900
Average Days on Market is 34
Average
Days on Market is 55
Market Facts:
Even though we are seeing 60 new metro Denver residents
daily, market activity has slowed down.
New
active listings continue to increase.
Buyers
and Sellers are not having the same experience as in the past several
years.
Schools are back in session.
With interest rates staying low and many
buyers in the market, it continues to be a slow time to buy and sell.
Homes are taking longer and longer to sell
Advice to Sellers:
The Metro Denver home market is now seeing many changes. Consider
being proactive and learn about the value of renovations and or upgrades,
decluttering, and staging your home.
Buyer
demand will continue as we see more Buyers and investors in the market.
Some Buyers will be looking for a new home now
as the school session has started.
Homes
are now taking 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 market data in your area.
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, 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
while there are good options available and rates are low.
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 and
know that the market is changing.
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.
