By the numbers, the inventory of available homes for sale is 7,516 homes at October month end
Monthly Market Recap:
Single Family: Condo:
Active Month End Inventory is 4,989 Active Month End Inventory is 2,527
Sold Homes is 3,160 Sold Homes is 1,272
Average Price is $525,092 Average Price is $362,768
Median Price is $452,750 Median Price is $300,000
Average Days on Market is 36 Average Days on Market is 44
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 32,493 Sold Homes is 13,518
Average Sold Price is $528,257 Average Sold Price is $361,093
Median Sold Price is $450,000 Median Sold Price is $303,500
Average Days on Market is 34 Average Days on Market is 53
The Denver Metro Home Market is continuing seeing changes from prior years: active listings continue to increase, mortgage interest rates continue to be low, overall activity feels slower for both Sellers and Buyers, and as a Seller or Buyer, do your homework before getting into the home market. Homes are taking longer to sell. Buyers now have more choices and Sellers need to be aware of the market changes.
Advice to Sellers:
The Metro Denver Seller’s home market continues to see a slowdown 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 in the 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.
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 year end market is coming. 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.