Monday, April 20, 2020

Denver Real Estate Market Update April 2020

APRIL, 2020

By the numbers:

-        The inventory of available homes for sale is 5,776 homes at March month end
-        6,663 homes came onto the market
-        4,992 homes went under contract
-        4,296 homes closed
-        Median sold price $446,500
-        Average sold price $513,526
-        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: – 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  We have seen homes withdrawn from the market.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.