7 COUNTY METROPOLITAN DENVER MARKET UPDATE
APRIL, 2016
By the numbers:
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The inventory of available homes for sale is 4,080
homes at March month end
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5,415 homes came onto the market
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4,530 homes went under contract
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4,028 homes closed
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Median sold price $345,000
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Average sold price $389,822
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Closed dollar volume of $1.6 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is 3,190
Sold Homes is 2,868
Average Price is $431,952
Median Price is $376,000
Average Days on Market is 38
Condo:
Active Inventory is 890
Sold Homes is 1,160
Average Price is $285,658
Median Price is $232,125
Average Days on Market is 37
Year To Date Market
Recap:
Single Family:
Sold Homes is 7,029
Average Sold Price is $421,337
Median Sold Price is $362,400
Average Days on Market is 42
Condo:
Sold Homes is 2,904
Average Sold Price is $280,106
Median Sold Price is $226,000
Average Days on Market is 40
Market Facts:
Spring is here, the temperature is rising, now is the time
of the prime home selling/buying season, and the market is heating up. Mortgage interest rates remain stable at this
time. Buyer demand is huge. Active listings are increasing; but, homes
are selling fast. Whether you are a
Seller or a Buyer, you need to be aware of the home market and all creative
activities that are now part of the home buying process. Seller or Buyer, be prepared.
Advice to Sellers:
The Denver home market is a Seller’s market. As a Seller, you must know your home’s value
and then have it listed at the right price.
Also, it is to your advantage to list your home during the peak season,
which is now. Last but not least, the
Denver home market is now very creative.
Be prepared for multiple offers, bidding opportunities, and requests for
incentives. Do not scare Buyer’s away,
take care of your yard and make that good first and lasting impression.
Looking for those good but yet inexpensive Spring home
improvements that cost around $1,000 or less?
Here are some suggestions: siding
repair, paint the front door, stain your deck, clean the air ducts, and
fertilize your lawn.
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 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 prime home selling and home buying season is here as the
Denver home market is a Seller’s market.
What does this mean to you as a Buyer?
First, active listings of homes for sale coming onto the market are
increasing; but, homes are going “under contract” quickly. As a Buyer, be prepared to move quickly to
set up a showing and if the home is the home of your dreams, make an offer
now. Second, the Denver home market is
becoming very creative again with multiple offers, bidding opportunities, and
price appreciation. Similar to the above
comments, be prepared to act quickly.
Be aware of moderate home price growth and potential
increase in mortgage interest rates. Create
your home buying plan and stick to it.
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.
