Thursday, September 12, 2019

Denver Real Estate 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.

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