Denver Real Estate Market Update June 2018
Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado! Selling Homes Over Full Price Already in 2018!
JUNE,
2018
By the numbers:
-
The inventory of available homes for sale is 5,704
homes at May month end
-
7,145 homes came onto the market
-
5,043 homes went under contract
-
5,322 homes closed
-
Median sold price $417,000
-
Average sold price $479,035
-
Closed dollar volume $2.549 Billion.
Monthly Market Recap:
Single Family:
Active Inventory is
4,286
Sold Homes is 3,852
Average Price is $526,553
Median Price is $448,000
Average Days on
Market is 23
Condo:
Active Inventory is
1,418
Sold Homes is 1,470
Average Price is $354,518
Median Price is $302,750
Average Days on
Market is 37
Year To Date Market Recap:
Single Family:
Sold Homes is 14,229
Average Sold Price
is $515,280
Median Sold Price
is $440,000
Average Days on
Market is 31
Condo:
Sold Homes is 6,075
Average Sold Price
is $347,783
Median Sold Price
is $294,085
Average Days on
Market is 60
Market Facts:
May was an active
month for the Metro Denver home market as we saw more new listings and more
homes sold. Many Buyers are in the
market with a goal to be in their new home before the start of the fall school
season. Buyer demand continues to outpace the active listings but inventory
rose significantly this month. Seller or
Buyer, be prepared as the prime season will be creative and could be a market
frenzy in some areas and price ranges.
As always, be prepared and get real about your expectations.
Advice to Sellers:
The Metro Denver
Seller’s home market continues and Buyer’s are now looking to purchase a home
so they can live in a neighborhood that will allow them to have Life Style
choices and potentially have their children go to the school of their
choice. As a Seller, you should pretty
much know what Buyer’s are looking for and know that you have to create a
lasting impression of your home as you are offering your home for sale. Buyer’s continue to focus on “Smart Homes”,
“Healthy Homes”, and Life Style choices.
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.
Advice to Buyers:
Now is the time to
buy as the Denver home market is strong and healthy. Buyer demand is greater than the number of
homes for sale. As a Buyer, make the
offer that works for you and is the offer that you can complete to close the
transaction. 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 that Sellers are becoming concerned with Buyers who make a competitive
offer, get the home under contract, and later terminate the contract.
The Metro Denver
population is increasing and Buyer’s are looking for their American Home
Dream. 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.
