Thursday, December 26, 2019

Denver Real Estate Market Update December 2019



-        The inventory of available homes for sale is 6,119 homes at November month end

-        3,385 homes came onto the market

-        3,720 homes went under contract

-        3,812 homes closed

-        Median sold price $419,000

-        Average sold price $478,230

-        Closed dollar volume $1.82 Billion. 

Monthly Market Recap:

Single Family:                                                         Condo:          

Active Month End Inventory is 3,992                                  Active Month End Inventory is 2,127

Sold Homes is 2,749                                                Sold Homes is 1,063             

Average Price is $522,811                                       Average Price is $362,832

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

Average Days on Market is 40                                 Average Days on Market is 44                     

Year To Date Market Recap:

Single Family:                                                         Condo:          

Sold Homes is 35,469                                              Sold Homes is 14,653

Average Sold Price is $527,469                               Average Sold Price is $361,169       

Median Sold Price is $450,000                                 Median Sold Price is $304,900

Average Days on Market is 35                                 Average Days on Market is 53

Market Facts:

The Denver Metro Home Market in November is seeing changes.  Active listings are decreasing.  Mortgage interest rates continue to be low.  Overall activity is slower for both Sellers and Buyers.  Being a Seller or Buyer, do your homework before getting into the home market.  Homes are taking longer to sell.  Buyers now have fewer choices.  Sellers need to be aware of the market changes and the correct time frame for them to sell their home.


Advice to Sellers:

The Metro Denver Seller’s winter home market continues to see changes.  The new challenge for sellers is accurate pricing the year ahead.  Seller’s will see more growth but at a slow pace.  Homes are now taking longer to sell and price appreciation is changing.  Sellers are slowing down because they cannot buy the home of their choice.  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, think about these winter renovations: insulation, finish the basement, remodel a bathroom, update a room, and add a deck.  As a Seller, if your home sits longer than a month, it is time to revisit the pricing strategy and activity in your 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, 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:

The Metro Denver winter home market is here and changing.  Keep your eye on the home market with now fewer homes available.  Foremost, focus on your lifestyle and home requirements.  As a Buyer, get into the home market at the right time.  As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction.  Sellers in December are usually on a moving deadline and can be more willing to negotiate the final price, meaning your getting the best bang for your buck.

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.