11 COUNTY METROPOLITAN DENVER MARKET UPDATE
APRIL, 2020
By the numbers:
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The inventory of available homes for sale is 5,776
homes at March month end
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6,663 homes came onto the market
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4,992 homes went under contract
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4,296 homes closed
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Median sold price $446,500
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Average sold price $513,526
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Closed dollar volume of $2.21 Billion.
Monthly Market Recap:
Single Family (Detached): Condo (Attached):
Active Month End Inventory is 3,829 Active Month End Inventory is 1,947
Sold Homes (Closed) is 3,018 Sold Homes (Closed) is 1,278
Average Price is $567,382 Average
Price is $386,344
Median Price is $487,950 Median
Price is $330,000
Average Days on Market is 28 Average
Days on Market is 31
Year To Date Market
Recap:
Single Family
(Detached): Condo (Attached):
Sold Homes (Closed) is 7,904 Sold
Homes (Closed) is 3,572
Average Sold Price is $548,938 Average Sold Price is $371,205
Median Sold Price is $472,000 Median Sold Price is $316,000
Average Days on Market is 36 Average
Days on Market is 39
Source: REcolorado.com – April 1, 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:
Covid 19 has now impacted the Metropolitan Denver home
market. Active listings are still increasing. We have seen homes withdrawn from the market. Many changes are now taking place to complete
the sale of a home. By the end of the
month, we were all wondering what was ahead for us, our industry, and our
country. Covid 19 will cause limited
activity through the end of May.
Advice to Sellers:
The Metro Denver Seller’s home market continues even though
Covid 19 is impacting. The new challenge
for Seller’s is being educated by your agent on all changes because of Covid 19. As a Seller, here are your 5 Golden Rules:
Personalize, Maximize, Sanitize, Modernize, and Neutralize. With a changing market, housing is improving slowly. Buyers always will determine what your home
is worth. As a Seller, think about these
renovations: insulation, finish the basement, remodel a bathroom, 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 recent sales 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, is 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 continues even though Covid 19
is impacting. Reach out to your agent to
be educated on how you can focus on buying.
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.
