Wednesday, October 9, 2019

Denver Real Estate Market Update October 2019



Market Metrics:

By the numbers, the inventory of available homes for sale is 8,149 homes at September month end, 5,517 homes came onto the market, 4,395 homes went under contract, and 4,138 homes closed at a median sold price of $412,000 and an average sold price of $474,281 resulting in a closed dollar volume of $1.96 Billion. 

Monthly Market Recap:

Single Family:                                                         Condo:          

Active Month End Inventory is 5,580                                  Active Month End Inventory is 2,569

Sold Homes is 2,914                                                Sold Homes is 1,228             

Average Price is $525,661                                       Average Price is $352,046

Median Price is $447,000                                         Median Price is $309,450

Average Days on Market is 37                                 Average Days on Market is 48                     

Year To Date Market Recap:

Single Family:                                                         Condo:          

Sold Homes is 28,985                                              Sold Homes is 12,085

Average Sold Price is $529,149                               Average Sold Price is $360,948       

Median Sold Price is $450,000                                 Median Sold Price is $304,000

Average Days on Market is 34                                 Average Days on Market is 54


Market Facts:

The Fall Season is here, new active listings continue to increase, and Buyers and Sellers are not having the same experience as in the past several years.  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 to sale.  We are seeing much lower annual price increases.  The Metro Denver home market is moving closer to become a Buyer’s market.    

Advice to Sellers:

The Metro Denver Seller’s home market is now seeing a slow down and changes.  A Seller Counseling Session 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.  Even though the market activity has slowed down, you will still be seeing multiple offers on homes that are in top condition and priced well.  Homes are now taking longer to sell and price appreciation is changing.  With a slower market and a healthier one, housing is improving and the economy is steady.  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 activity in your neighborhood and local market.

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. 

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 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:

The Metro Denver home fall market is here.  Keep your eye on the home market with more homes now available, and consider your family wants and needs.  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 and know that the market is changing.  Even though we will see a slowdown of activity, the home market will continue to focus on Buyer’s.

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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