Friday, March 13, 2020

Denver Real Estate Market Update March 2020!

Denver Real Estate Market Update March 2020! 


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: – 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.