Denver Real Estate Market Update March 2020!
11 COUNTY METROPOLITAN DENVER MARKET UPDATE
MARCH, 2020
Market Metrics:
By the numbers, the inventory of available homes for sale is
4,835 homes at February month end, 5,122 homes came onto the market, 5,083
homes went under contract, and 3,429 homes closed at a median sold price of $430,000
and an average sold price of $487,009 resulting in a closed dollar volume of $1.67
Billion.
Monthly Market Recap:
Single Family (Detached): Condo (Attached):
Active Month End Inventory is 3,201
Active Month End Inventory is 1,634
Sold Homes (Closed) is 2,312
Sold Homes (Closed) is 1,117
Average Price is $544,054
Average
Price is $368,936
Median Price is $469,900
Median
Price is $315,000
Average Days on Market is 37
Average
Days on Market is 41
Year To Date Market
Recap:
Single Family
(Detached): Condo (Attached):
Sold Homes (Closed) is 4,593
Sold
Homes (Closed) is 2,160
Average Sold Price is $537,433
Average Sold Price is $363,555
Median Sold Price is $465,000
Median Sold Price is $311,250
Average Days on Market is 41
Average
Days on Market is 44
Source: REcolorado.com – March 2, 2020
The above
representation for Single Family (Detached) and Condo (Attached) includes real
estate activity in the counties of Adams, Arapahoe, Boulder, Broomfield, Clear
Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
Market Facts:
February was a good month for the Metro Denver housing
market.
Active listings are increasing.
Mortgage interest rates continue to be low.
Buyer’s and Seller’s have leaped into action.
The increased competition caused new listings
to sell faster and lifted home prices.
We
will now see the traditional prime market coming because Seller’s are coming
into the market and many Buyer’s are already here.
Be aware of what is happening because of
coronavirus.
Advice to Sellers:
The Metro Denver Seller’s home market is moving to the prime
season.
The new challenge for Seller’s
is accurate pricing.
As a Seller, here
are your 5 Golden Rules: Personalize, Maximize, Sanitize, Modernize, and
Neutralize.
With a changing 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
renovations to see if you can add value in areas that are not selling as
quickly: adding insulation, basement finish, bathroom remodel, update a room, add
new light bulbs, and add a deck.
As a
Seller, if your home sits longer than a month, it is time to revisit the
comparable homes sold in your neighborhood.
As a Seller, be educated about coronavirus and the challenges that
coronavirus impacts.
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 home market is moving to the prime season.
Keep your eye on the home market.
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, understand what type of purchase
will help you reach your goal and know what the needs and wants are.
Be educated on the coronavirus impact.
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.
