Denver Real Estate Market Update August 2015

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

AUGUST, 2015

By the numbers:

• The inventory of available homes for sale is 6,787 homes at July month end
• 7,114 homes came onto the market
• 5,206 homes went under contract
• 5,557 homes closed
• Median sold price of $313,000
• Average sold price of $370,031
• Closed dollar volume of $2.06 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 5,413                                                     

Sold Homes is 3,895                                                                          

Average Price is $419,714                                         

Median Price is $350,000                                          

Average Days on Market is 21                                                          

Condo:

Active Inventory is 1,374

Sold Homes is 1,662

Average Price is $253,597

Median Price is $212,000

Average Days on Market is 18

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 21,662                                                                        

Average Sold Price is $407,043                                             

Median Sold Price is $349,000                                  

Condo:

Market Facts:

Sold Homes is 8,931

Average Sold Price is $253,836

Median Sold Price is $208,000

The inventory of Active Listings increased in July, rent prices also increased, and while the Denver home market remains a top home market in the nation, we are seeing a seasonal slowdown. School just started and while Buyer pent up demand continues, purchasing a home may be a little easier for Buyers in the coming months.   

Traditionally, the home market slows down this time of year every month until year end.  It is forecast that the slowdown will continue; but, 2015 will be a year of records.

Advice to Sellers:

The Denver home market is seasonally slowing, is considered a top home market in the United States as well as a destination city, and is constantly changing.  In preparing to put your home on the market, consider these home improvements.  Top exterior home improvements are to replace the front door, update the landscape, paint the exterior, add home automation, add a privacy fence, and update the windows.  Top interior home improvements include repaint the interior, upgrade the lighting, update the kitchen counter tops, and change the bathroom tile.  These improvements will add value to your home and leave a lasting impression on the Buyers.

More homes are available for sale on the market and pent up Buyer demand continues; but, the market frenzy noted in the first half of the year is no longer prevalent.   

Advice to Buyers:

Proceeding through the 2^nd half of the year, the Denver home market will see fewer transactions each month, continued pent up Buyer demand, and in October changes to the closing process that will now take between 45 and 60 days to complete.  More homes are available for sale, mortgage interest rates continue to change, and even though the market frenzy does not currently exist, the home buying process will cause the Buyer to be prepared.

Remember Buyers, the goal is to get to the finish line and purchase a home that is right for you.

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.   

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Denver Real Estate Market Update July 2015

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JULY, 2015

 By the numbers: 

- The inventory of available homes for sale is 5,577 homes at June month end

- 6,750 homes came onto the market

- 5,576 homes went under contract

- 5,655 homes closed

- Median sold price of $325,000

- Average sold price $374,350

- Closed dollar volume of $2.12 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 4,444                                                      

Sold Homes is 4,028                                                                          

Average Price is $421,244                                         

Median Price is $360,000                                          

Average Days on Market is 24                                                          

Condo:

Active Inventory is 1,133

Sold Homes is 1,627

Average Price is $258,183

Median Price is $215,000

Average Days on Market is 18

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 17,594                                                                        

Average Sold Price is $404,337                                             

Median Sold Price is $347,341                                  

Condo:

Sold Homes is 7,207

Average Sold Price is $253,634

Median Sold Price is $205,000

Market Facts:

June traditionally is the month for vacations and with that said, the market set new records in June but also saw a slight easing of the number one home market in the country! A little over thirty days remain until the start of school which is a Buyer expectation to have a new home by the start of school.   

The Denver home market will continue to be a number one focus because of the limited inventory of homes for sale, new home construction opportunities and challenges, and rising rent prices.  Denver is now a destination location and more consumers are moving to Denver.

Advice to Sellers:

The Denver home market continues to set records, is considered a top home market in the United States as well as a destination city, and is constantly changing.   

In preparing to put your home on the market, consider these home improvements.  Top exterior home improvements are to replace the front door, update the landscape, paint the exterior, add home automation, add a privacy fence, and update the windows.  Top interior home improvements include repaint the interior, upgrade the lighting, update the kitchen counter tops, and change the bathroom tile.  These improvements will add fireworks to your home and leave a lasting impression on the Buyers.

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 one’s home needs a professional who is a local expert and can assist in the Professional plan to sell one’s home.

Advice to Buyers:

With the ever changing Denver home market, Buyers need to be prepared.  More homes are available for sale, mortgage interest rates are changing, escalation clauses in offers are no longer in vogue, highest and best offer is the new offer methodology.  As a Buyer, you do not want to win just for the sake of winning.  You want to win when it is the best for you the Buyer.

Remember the goal is to get to the finish line and purchase a home that is right for you.

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.

 

 

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Denver Real Estate Market Update June 2015

By the numbers:

-          The inventory of available homes for sale is 5,108 homes at May month end

-          6,720 homes came onto the market

-          5,644 homes went under contract

-          4,848 homes closed

-          Median sold price $325,000

-          Average sold price $374,430

-          Closed dollar volume of $1.8 Billion. 

 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 4,036                                                      

Sold Homes is 3,465                                                                          

Average Price is $419,832                                         

Median Price is $358,050                                          

Average Days on Market is 25                                              

 

Condo:

Active Inventory is 1,072

Sold Homes is 1,383

Average Price is $260,710

Median Price is $215,000

Average Days on Market is 19          

 

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 13,448                                                                        

Average Sold Price is $399,201                                             

Median Sold Price is $342,500                                  

 

Condo:

Sold Homes is 5,533

Average Sold Price is $252,472

Median Sold Price is $202,734

Market Facts:

For the next 60 plus days, the prime home buying season will be at its peak.  School is out and Buyers want to be in their new home prior to the start of the new school year.  Buyer demand will continue to remain strong and more Sellers will put their homes on the market.

During this time of the year, both Buyers and Sellers must be prepared because the home market will remain strong, fast, and possibly furious.  Additionally, new Buyers will be coming into the market.

Advice to Sellers:

The Denver home market housing sales continue to show extraordinarily strong growth.  School is out and the next 60 plus days will represent the prime home buying season.  The transition of home ownership won’t be without challenges.  The inventory of homes available for sale continues to remain around a 1.5 month’s supply, mortgage interest rates are showing a slight increase to around 4%, and new classes of Buyers are coming into the market.

Knowing that Buyers have done their homework and set their expectations, a Seller must be prepared for the market.  The top four home features desired by Buyers include updated kitchens and bathrooms, minimal upkeep, energy efficiency, and a home office.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is an expert,  knowledgeable, and can assist in the Professional plan to sell one’s home.   

Advice to Buyers:

The transition to home ownership in Denver won’t be without the challenges of first finding the right home, tight credit, changes to the closing process, and interest rate volatility.  Additionally, Buyers will be competing with other Buyers such as Boomerang Buyers, First Time Home Buyers, and Multi Generational Buyers.

Denver continues to be a top destination and more and more people are moving into the Denver area.  Be aware of this population growth.

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.

Denver Real Estate Market Update May 2015

Market Metrics:

By the numbers: 

-          The inventory of available homes for sale is 4,765 homes at April month end

-          6,735 homes came onto the market

-          5,439 homes went under contract

-          4,436 homes closed

-          Median sold price of $315,000

-          Average sold price of $361,309

-          Closed dollar volume of $1.6 Billion. 

 

Monthly Market Recap:

 

Single Family:                                                                       

Active Inventory is 3,840                                                      

Sold Homes is 3,158                                                                          

Average Price is $404,384                                         

Median Price is $350,000                                          

Average Days on Market is 29                                  

 

Condo:

Active Inventory is 925

Sold Homes is 1,278

Average Price is $254,869

Median Price is $205,000

Average Days on Market is 21          

 

Year To Date Market Recap:

 

Single Family:                                                                       

Sold Homes is 9,888                                                                          

Average Sold Price is $392,144                                             

Median Sold Price is $339,550                                  

 

Condo:

Sold Homes is 4,105

Average Sold Price is $249,606

Median Sold Price is $200,000

Market Facts:

Today’s higher prices have been expected as the economy improves and the first time and boomerang home buyers return to the market.  Even though demand outpaces supply, there is no indication that a housing bubble is on the horizon even though the Denver home market is now considered number one in the national home market.

Yes, new listings have increased dramatically in April; but, the overall shortage of active listings and the abundance of buyers equal the ingredients for hot, Hot, HOT market in the mid to lower price ranges.

Advice to Sellers:

The spring home market is underway with more homes coming unto the market; but, yet buyer demand exceeds the availability of homes on the market.  What is the one thing a Seller can do?  Create a lasting memory for house hunters otherwise known as Buyers.  Is it curb appeal?  Is it remodeling of the bathroom or kitchen?  Is it new windows and doors?  Is it de-cluttering and staging?  Whatever it is, find that one thing about your home that will leave a lasting memory when your home is shown to a prospective buyer.  Remember that 30% of Americans are looking to buy either in 2015 or next year in 2016.  As such, Buyer demand will remain strong for the remainder of the year and into next year.  With low inventory, increasing household formations, and pent up buyer demand; Sellers should expect many showings, multiple offers, even offers without the prospective Buyer ever seeing the home and creative Buyer outreach either by video, letter, or person to person.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert, knowledgeable, and can assist to sell one’s home.

Advice to Buyers:

Over 6,700 new listings came onto the market this month and yet buyer demand continues to increase as we are moving through the spring home market because of improvement in the overall economy, increase in population, rising rental rates, desire to move, and affordable mortgage interest rates.  Creativity is the name of the game with Buyers as Cash financing is happening more and more, Responsive is number one, Eager is number two, Active is on, Time is of the essence, Involved, Venturesome, Idealic, Thorough, and Yes are the guidelines that Buyers use when looking to buy a home.  Buyers are experiencing frustration as it takes several offers on several homes to acquire a home.

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.

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Denver Real Estate Market Update April 2015

 

 

Denver Real Estate Market Update April 2015

7 COUNTY METROPOLITAN DENVER MARKET UPDATE
APRIL, 2015

By the numbers, the inventory of available homes for sale is:

- 3,704 homes at March month end
- 5,605 homes came onto the market
- 4,936 homes went under contract
- 4,097 homes closed
- Median sold price $313,935
- Average sold price of $356,736
- Closed dollar volume of $1.46 Billion.

Monthly Market Recap:

Single Family:
Active Inventory is 2,937
Sold Homes is 2,878
Average Price is $399,174
Median Price is $343,555
Average Days on Market is 36

Condo:

Active Inventory is 767
Sold Homes is 1,219
Average Price is $256,542
Median Price is $205,000
Average Days on Market is 37

Year To Date Market Recap:

Single Family:
Sold Homes is 6,690
Average Sold Price is $386,750
Median Sold Price is $331,950

Condo:
Sold Homes is 2,808
Average Sold Price is $247,624
Median Sold Price is $195,000

Market Facts:
- The March month ended with record setting transactions when looking back five (5) years.
- Consumer confidence increased in March to 101.3 up from 98.8 in February.
- Early forecasts indicated that the Denver Home Market would be in the top ten; now it looks like the Denver Home Market will be in the top five (5) in the nation.
- Market “frenzy” in the lower price ranges has returned as we are seeing more homes coming onto the market, new listings receiving many showings daily, new listings receiving many offers, and the new listings going under contract in a manner of days.

Advice to Sellers:
While the current inventory of homes available for sale remains low, more homes will be coming onto the market. Buyers will include First Time Home Buyers, Generational Buyers (both young and older), Boomerang Buyers, and Investors. With low inventory, increasing household formations, and pent up buyer demand; Sellers should expect many showings, multiple offers, even offers without the prospective Buyer even seeing the home and creative Buyer outreach either by video, letter, or person to person.

Quick thoughts on how a Seller can leave a lasting impression with a Buyer on his/her home for sale: inspired staging, bold paint jobs, de-clutter each room, make each room feel less personal, new front door, make the home feel fresh and clean, and creative landscaping.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home? Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams. As such, the homeowner looking to sell one’s 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 seasoned Professional.

Advice to Buyers:
Market frenzy is here again. More new listings will be coming onto the market and Buyers will be competing for the home of their dreams with creative offers and creative outreach to the Sellers.

While lifestyle choice remains number one, economic reality is quickly moving up to replace lifestyle choice in the home buying process because of the double digit increase in rent prices in the Denver area, pent up Buyer demand, and the low inventory of homes for sale.

What is a Buyer to do? Manage your expectations, be prepared to participate now as time is of the essence, and remain positive about the home buying process.

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.

 

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Denver Real Estate Market Update March 2015

By the numbers:

 

-          The inventory of available homes for sale is 3,657 homes at February month end

-          4,065 homes came onto the market

-          3,904 homes went under contract

-          2,832 homes closed

-          Median sold price of $293,625

-          Average sold price of $344,049

-          Closed dollar volume of $974.3 Million. 

 

Monthly Market Recap:

Single Family:                                                                      

Active Inventory is 2,940                                                     

Sold Homes is 1,997                                                                         

Average Price is $383,810                                         

Median Price is $325,000                                          

Average Days on Market is 42                                                          

 

Condo:

Active Inventory is 717

Sold Homes is 835

Average Price is $248,957

Median Price is $191,000

Average Days on Market is 47

 

Year To Date Market Recap:

Single Family:                                                                      

Sold Homes is 3,737                                                                          

Average Sold Price is $372,863                                             

Median Sold Price is $323,050                                  

 

Condo:

Sold Homes is 1,565

Average Sold Price is $240,268

 

 

 

 

 

Market Facts:

February was a very wintry month in which the home market survived and continued to thrive as it moves closer to the spring season.

-          Buyer demand continues to be strong.

-          Consumer confidence decreased in February to 96.4 down from 103.8 in January.

-          The top three counties for Sold properties this month were Denver, Arapahoe, and Jefferson.

 

With low active inventory, Buyers expectations need to be set in order to compete.

Mortgage interest rates fluctuated upward in February and ended the month with a 30 year conventional rate around 3.625% and a 15 year conventional rate around 2.875%.

 

Advice to Sellers:

The Denver home market remains in the top 10 home markets in the USA and this Seller’s market continues.  A Seller’s market effectively means that Buyers exceed the number of active listings or homes for sale.  New generation homebuyers are entering the market and have been searching the internet for a long time period to determine what type of home and where it is located would fit the Buyer’s American Dream.

 

Buyers are more knowledgeable, prepared, willing to compete, and will always think outside of the traditional home buying process to acquire the home of their dreams.

 

Lifestyle continues to be the top priority of Buyers.  What Lifestyle does your home represent?  Not familiar with Lifestyle, reach out to a professional.

 

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is an expert, knowledgeable, and can assist in the Professional plan to sell one’s home.   

 

Advice to Buyers:

Traditionally the prime home buying season begins in late April.  For the last two years, this has not been the case as the prime season is starting earlier.  The months of January and February are over and they have shown the market that Buyer demands continues to be strong.

 

Active listings are at an all time low and even with new listings coming on the market, the market remains very competitive.  Buyers are participating in the market using non traditional approaches to purchase a home.  Cash transactions, quick closes, and offering prices above the asking or listed price are becoming the norm again.

 

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.   

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Denver Real Estate Market Update February 2015

 

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2015

 

By the numbers, the inventory of available homes for sale is:
 

-          3,712 homes at January month end

-          3,592 homes came onto the market

-          3,347 homes went under contract

-          2,438 homes closed

-          Median sold price of $283,750

-          Average sold price of $329,935

-          Closed dollar volume of $804.4 Million. 

 

Monthly Market Recap:

 

Single Family:                                                                       

Active Inventory is 2,949                                                      

Sold Homes is 1,717                                                                          

Average Price is $371,324                                         

Median Price is $318,000                                          

Average Days on Market is 47                                                          

 

Condo:

Active Inventory is 763

Sold Homes is 721

Average Price is $231,371

Median Price is $185,000

Average Days on Market is 35

 

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 1,717                                                                          

Average Sold Price is $371,324                                             

Median Sold Price is $318,000                                  

Condo:

Sold Homes is 721

Average Sold Price is $231,371

Median Sold Price is $185,000

Market Facts:

January traditionally is a slower home market month as it is the start of a new year and the prior month’s focus was on getting homes closed prior to year end.

-          Consumer confidence increased in January to 102.9 up from 93.1 in December.

While home ownership continues to decline, household formations have increased dramatically.

Boomerang and First Time Home Buyers are entering the home market.

-          Mortgage interest rates fluctuated in January and ended the month with a 30 year conventional rate around 3.375% and a 15 year conventional rate around 2.625%.

Advice to Sellers:

Is there a best season to sell your home?  From a calendar or fall/winter/spring/summer season stand point, the answer is no.  The best season to sell your home comes down to what works best for you the individual seller.  Is now the best time to sell your home?

Lifestyle continues to be the top priority of Buyers.  What Lifestyle does your home represent?  Not familiar with Lifestyle, reach out to a professional.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert 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:

Is there a best season to buy a home in the Denver home market?  From a calendar or fall/winter/spring/summer season stand point, the answer is no.  The best season to buy a home comes down to what works best for the individual Buyer.  Keeping this in mind and with the upcoming changes in the market, the Buyer needs to be prepared.

New home construction continues to ramp up, new closing rules will be implemented in Q2 2015, and mortgage interest rates are forecast to increase.        

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.

 

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Denver Real Estate Market Update January 2015

Denver Real Estate Market Update January 2015 - Record Low Inventory of Homes!

Are looking to sell your home or make a move in 2015?

Do Not Wait and miss your opportunity to sell for an incredible price! The time is now, not later in the Spring as has been the case in past years.

7 COUNTY METROPOLITAN DENVER MARKET UPDATE
JANUARY, 2015

By the numbers:...

- The inventory of available homes for sale is 3,843 homes at December month end
- 2,220 homes came onto the market
- 2,419 homes went under contract
- 3,808 homes closed
- Median sold price of $285,000
- Average sold price of $338,335
- Closed dollar volume of $1.3 Billion.

Monthly Market Recap:

Single Family:
Active Inventory is 3,081
Sold Homes is 2,718
Median Price is $320,000
Average Price is $379,491
Average Days on Market is 46

Condo:
Active Inventory is 762
Sold Homes is 1,090
Median Price is $185,000
Average Price is $235,707
Average Days on Market is 38

Year To Date Market Recap:

Single Family:
Sold Homes is 37,271
Average Sold Price is $363,212
Median Sold Price is $305,550

Condo:
Sold Homes is 14,367
Average Sold Price is $223,831
Median Sold Price is $180,000

Market Facts:
- 2014 was a record year and there is every indication that 2015 will be as good as or better than 2014.
- December was a record month because the market did not seasonally slow down.
- Consumer confidence increased in December to 92.6 up from 91 in November.

While the inventory of homes available for sale is at an all time low, lifestyle choices continue to be the number one priority of home buyers. Mortgage interest rates fluctuated in December and ended the month with a 30 year conventional rate around 3.75% and a 15 year conventional rate around 3.0%.

Advice to Sellers:
2015 is here and the year starts with 2 lows! The lowest number of homes available for sale and the lowest mortgage interest rates since May, 2013. What is a seller to do or be aware of? The top five answers are affordability, mortgage availability, interest rates, number of homes available for sale, and new home builders.

Affordability refers to whether or not one’s home meets the criteria of a home Buyer and the pricing is appropriate for the market. The availability of homes for sale will impact the seller when the current home is under contract and whether the Seller can find a new home. Interest rates are expected to increase starting in the second quarter of 2015. Lastly, new home builders are projecting to build 25% more homes in 2015 than they were able to build in 2014. The Denver home market is expected to be in the top 10 home markets in 2015 because of job growth and an overall good economy.

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