Denver Real Estate Market Update July 2020

Denver Real Estate Market Update July 2020!

Michael Kozlowski ranked as high as the #1 Individual RE/MAX Agent in the State of Colorado! Check us out: www.team-koz.com

I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats and update below.

The Denver Metro Real Estate Market has been on a solid V-Shaped Recovery since the beginning of May after the Quarantine Restrictions due to COVID-19!

• Active Listing Inventory is down 33% compared to this time last year, and this lack of Inventory with historically low interest rates have created a Strong Buyer demand. 
• Pending Sales are up 27% compared to last year, however Average Home Prices are only up 2% compared to last year at this time.

This is a wonderful time to take advantage of Historically Low Mortgage Interest Rates!

A 100 Degree day in July would normally cause a slowing market through the rest of the Summer, but Buyer Demand is continuing to look for good fresh Inventory. 

• There were 6,383 active listings at the end of June, -10.98% less than May and -32.95%  less than the previous year when there were 9,520.

This very positive Market, and the continued strong demand for Buyers will continue throughout the rest of the Summer!

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate is open for business!

Denver Real Estate Market Update June 2020

Denver Real Estate Market Update June 2020

Hi

I thought you might like the latest market update to review, see attached Denver Real Estate Market Stats.

The economy is probably headed to a W-Shaped Recovery, but we are certainly seeing a V-Shaped Recovery in the Real Estate Market right now!

• There were 7,170 active listings at the end of May, 4.6% more than April but 19.36%  less than the previous year when there were 8,891. 

Sellers had the upper hand with low inventory in all price ranges except for homes priced over $1 million, where there were 9.50 months of detached luxury home inventory and an abundance of attached luxury homes for sale, with more than 23 months of inventory.  Anything over six months is considered a buyer's market.

As expected, the number of closings was down in May following the weeks of strict showing restrictions, dropping 19.71% month over month and 48.86% year over year. 

The average closed price didn't slip much month over month but dropped back below $500,000 to $495,925.  That was a 1.24% lower than April but 2.43% higher year to date.

The Memorial Day weekend, and the beginning of Summer is usually a slower time for real estate sales but the boost in buyer activity kept agents busy this past holiday.  Does this mean our market has recovered from COVID-19?  Not quite yet, but it appears we are well on our way.  Low interest rates, renewed optimism and an increasing number of new choices are all positives. 

The Biggest Metric in May was over 6,800 homes Pending in the Denver Metro Area!  That is a Record! 

This very positive Market, and the continued strong demand for Buyers will help us get back on track as soon as we get a green light to show homes again!

Please let me know if you have any questions or would like any more specific information, feel free to forward our market update to everyone you know and spread the word that real estate will be open for business soon!

Denver Real Estate Market Update April 2020

11 COUNTY METROPOLITAN DENVER MARKET UPDATE

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:  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.

Denver Real Estate Market Update March 2020!

Denver Real Estate Market Update March 2020! 

11 COUNTY METROPOLITAN DENVER MARKET UPDATE

MARCH, 2020

Market Metrics:



By the numbers, the inventory of available homes for sale is 4,835 homes at February month end, 5,122 homes came onto the market, 5,083 homes went under contract, and 3,429 homes closed at a median sold price of $430,000 and an average sold price of $487,009 resulting in a closed dollar volume of $1.67 Billion. 



Monthly Market Recap:



Single Family (Detached):                                       Condo (Attached):   

Active Month End Inventory is 3,201                                  Active Month End Inventory is 1,634

Sold Homes (Closed) is 2,312                                  Sold Homes (Closed) is 1,117                      

Average Price is $544,054                                       Average Price is $368,936

Median Price is $469,900                                         Median Price is $315,000

Average Days on Market is 37                                 Average Days on Market is 41                     



Year To Date Market Recap:



Single Family (Detached):                                      Condo (Attached):   

Sold Homes (Closed) is 4,593                                  Sold Homes (Closed) is 2,160

Average Sold Price is $537,433                               Average Sold Price is $363,555       

Median Sold Price is $465,000                                 Median Sold Price is $311,250

Average Days on Market is 41                                 Average Days on Market is 44



Source:  REcolorado.com – March 2, 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:



February was a good month for the Metro Denver housing market.  Active listings are increasing.  Mortgage interest rates continue to be low.  Buyer’s and Seller’s have leaped into action.  The increased competition caused new listings to sell faster and lifted home prices.  We will now see the traditional prime market coming because Seller’s are coming into the market and many Buyer’s are already here.  Be aware of what is happening because of coronavirus.   

Advice to Sellers:



The Metro Denver Seller’s home market is moving to the prime season.  The new challenge for Seller’s is accurate pricing.  As a Seller, here are your 5 Golden Rules: Personalize, Maximize, Sanitize, Modernize, and Neutralize.  With a changing market and a healthier one, housing is improving and the economy is steady.  Buyers always will determine what your home is worth.  As a Seller, think about these renovations to see if you can add value in areas that are not selling as quickly: adding insulation, basement finish, bathroom remodel, 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 comparable homes sold 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, 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 is moving to the prime season.  Keep your eye on the home market.  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.

RE/MAX National Housing Report February 2020

RE/MAX National Housing Report February 2020

Hello,

I hope that your year is off to as good of a start as the housing market. I want to share just a few highlights from the January RE/MAX National Housing Report. Here are three things you need to know.

1. January posted the highest year-over-year sales gain in 11 years – up 10.5%.

2. While sales are up, the number of homes on the market reached its largest year-over-year drop since 2017 – down 15.6%.

3. Median sales prices hit $256,000 - a record for January.

So what do these numbers mean? People are buying homes; much of this has to do with how many millennials are entering the market. If you're thinking about buying or selling, let's get started before spring and summer. The numbers above are based on national numbers. I'd be happy to meet with you to discuss numbers in our local market and how they will affect your real estate needs.

I'm excited to help you every step of the way. Give me a call or reply to set up a time to meet.

RE/MAX National Housing Report January 2020

RE/MAX National Housing Report January 2020

Hello, 

Happy New Year! I hope that 2020 is off to a good start for you and your family. A new decade brings much excitement when it comes to the housing market. The year ended off with record numbers according to the RE/MAX National Housing Report. Here are three takeaways from the last report. 

• December saw record sales with year-over-year gains of 13.5% - the highest increase of any month in 2019 and the best December since 2009. 
• The number of homes on the market decreased by 14.5% - another record. 
• Sale prices were up 3.8%.

December’s record-breaking numbers are on the path to continue the first quarter of 2020. Interest rates are still low, and sales are expected to remain up throughout the first part of the year. If you’re thinking about a new home for the new year, it’s time to start your search. Let’s get together to talk about your needs. Please text, call or email to set a time to meet. 

Michael

Denver Real Estate market Update January 2020

Market Metrics:

-        The inventory of available homes for sale is 4,399 homes at December month end

-        2,369 homes came onto the market

-        2,792 homes went under contract

-        4,110 homes closed

-        Median sold price $415,000

-        Average sold price $476,746

-        Closed dollar volume of $1.96 Billion. 

Monthly Market Recap:



Single Family:                                                         Condo:          

Active Month End Inventory is 2,823                                  Active Month End Inventory is 1,576

Sold Homes is 2,904                                                Sold Homes is 1,206             

Average Price is $520,159                                       Average Price is $372,210

Median Price is $445,000                                         Median Price is $305,000

Average Days on Market is 46                                 Average Days on Market is 49                     



Year To Date Market Recap:



Single Family:                                                         Condo:          

Sold Homes is 38,467                                              Sold Homes is 15,895

Average Sold Price is $526,784                               Average Sold Price is $361,894       

Median Sold Price is $450,000                                 Median Sold Price is $304,900

Average Days on Market is 36                                 Average Days on Market is 52





Market Facts:



The Denver Metro Home Market has been changing.  Active listings are low.  Mortgage interest rates continue to be low.  Overall activity is slower for both Sellers and Buyers.  Being a Seller or Buyer, do your homework before getting into the home market.   



Advice to Sellers:



HAPPY NEW YEAR!  The Metro Denver Seller’s home market continues to see changes.  The new challenge for sellers is accurate pricing.  Seller’s will see more growth but at a slow pace.  Homes are now taking longer to sell and price appreciation is changing.  Sellers are slowing down because they cannot buy the home of their choice.  With a slower market and a healthier one, housing is improving and the economy is steady.  Buyers always will determine what your home is worth.  As a Seller, think about these renovations: basement finish, bathroom remodeling, updating a room, updating carpet & paint, adding new light bulbs, adding a deck.  As a Seller, if your home sits longer than a month, it is time to revisit pricing and the data in your local market.



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 an expert, local 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:



HAPPY NEW YEAR!  The Metro Denver home market continues to change.  Keep your eye on the home market with now fewer homes available.  Foremost, focus on your lifestyle and home requirements.  As a Buyer, get into the home market at the right time.  As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction.  Sellers are usually on a moving deadline and can be more willing to negotiate the final price, meaning your getting the best bang for your buck.



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 December 2019

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2019

-        The inventory of available homes for sale is 6,119 homes at November month end

-        3,385 homes came onto the market

-        3,720 homes went under contract

-        3,812 homes closed

-        Median sold price $419,000

-        Average sold price $478,230

-        Closed dollar volume $1.82 Billion. 

Monthly Market Recap:



Single Family:                                                         Condo:          

Active Month End Inventory is 3,992                                  Active Month End Inventory is 2,127

Sold Homes is 2,749                                                Sold Homes is 1,063             

Average Price is $522,811                                       Average Price is $362,832

Median Price is $447,000                                         Median Price is $309,000

Average Days on Market is 40                                 Average Days on Market is 44                     



Year To Date Market Recap:



Single Family:                                                         Condo:          

Sold Homes is 35,469                                              Sold Homes is 14,653

Average Sold Price is $527,469                               Average Sold Price is $361,169       

Median Sold Price is $450,000                                 Median Sold Price is $304,900

Average Days on Market is 35                                 Average Days on Market is 53





Market Facts:



The Denver Metro Home Market in November is seeing changes.  Active listings are decreasing.  Mortgage interest rates continue to be low.  Overall activity is slower for both Sellers and Buyers.  Being a Seller or Buyer, do your homework before getting into the home market.  Homes are taking longer to sell.  Buyers now have fewer choices.  Sellers need to be aware of the market changes and the correct time frame for them to sell their home.

  

Advice to Sellers:



The Metro Denver Seller’s winter home market continues to see changes.  The new challenge for sellers is accurate pricing the year ahead.  Seller’s will see more growth but at a slow pace.  Homes are now taking longer to sell and price appreciation is changing.  Sellers are slowing down because they cannot buy the home of their choice.  With a slower market and a healthier one, housing is improving and the economy is steady.  Buyers always will determine what your home is worth.  As a Seller, think about these winter renovations: insulation, finish the basement, remodel a bathroom, update a room, and add a deck.  As a Seller, if your home sits longer than a month, it is time to revisit the pricing strategy and activity in your local market.



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, 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 winter home market is here and changing.  Keep your eye on the home market with now fewer homes available.  Foremost, focus on your lifestyle and home requirements.  As a Buyer, get into the home market at the right time.  As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction.  Sellers in December are usually on a moving deadline and can be more willing to negotiate the final price, meaning your getting the best bang for your buck.



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 November 2019

Market Metrics:



By the numbers, the inventory of available homes for sale is 7,516 homes at October month end

-        4,987 homes came onto the market

-        4,187 homes went under contract

-        4,432 homes closed

-        Median sold price $420,000

-        Average sold price $478,504

-        Closed dollar volume $2.12 Billion. 

Monthly Market Recap:



Single Family:                                                         Condo:          

Active Month End Inventory is 4,989                                  Active Month End Inventory is 2,527

Sold Homes is 3,160                                                Sold Homes is 1,272             

Average Price is $525,092                                       Average Price is $362,768

Median Price is $452,750                                         Median Price is $300,000

Average Days on Market is 36                                 Average Days on Market is 44                     



Year To Date Market Recap:



Single Family:                                                         Condo:          

Sold Homes is 32,493                                              Sold Homes is 13,518

Average Sold Price is $528,257                               Average Sold Price is $361,093       

Median Sold Price is $450,000                                 Median Sold Price is $303,500

Average Days on Market is 34                                 Average Days on Market is 53





Market Facts:



The Denver Metro Home Market is continuing seeing changes from prior years: active listings continue to increase, mortgage interest rates continue to be low, overall activity feels slower for both Sellers and Buyers, and as a Seller or Buyer, do your homework before getting into the home market.  Homes are taking longer to sell.  Buyers now have more choices and Sellers need to be aware of the market changes. 

Advice to Sellers:



The Metro Denver Seller’s home market continues to see a slowdown and changes.  A Seller Counseling Session will demonstrate your home value, set expectations, reduce risk, know what can and cannot do, outline the process, inform you of what Buyers are doing, and provide resources.  Learn about the value of renovations and or upgrades, decluttering, and staging the home.  Even though the market activity has slowed down, you will still be seeing multiple offers on homes in the top condition and priced well.  Homes are now taking longer to sell and price appreciation is changing.  With a slower market and a healthier one, housing is improving and the economy is steady.  Buyers always will determine what your home is worth.  As a Seller, if your home sits longer than a month, it is time to revisit the activity in your neighborhood.



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 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 year end market is coming.  Keep your eye on the home market with more homes now available, and consider your family wants and needs.  Foremost, 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, be prepared to act quickly and know that the market is changing.  Even though we will see a slowdown of activity, the home market will continue to focus on Buyer’s.



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 October 2019

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2019

Market Metrics:



By the numbers, the inventory of available homes for sale is 8,149 homes at September month end, 5,517 homes came onto the market, 4,395 homes went under contract, and 4,138 homes closed at a median sold price of $412,000 and an average sold price of $474,281 resulting in a closed dollar volume of $1.96 Billion. 



Monthly Market Recap:



Single Family:                                                         Condo:          

Active Month End Inventory is 5,580                                  Active Month End Inventory is 2,569

Sold Homes is 2,914                                                Sold Homes is 1,228             

Average Price is $525,661                                       Average Price is $352,046

Median Price is $447,000                                         Median Price is $309,450

Average Days on Market is 37                                 Average Days on Market is 48                     



Year To Date Market Recap:



Single Family:                                                         Condo:          

Sold Homes is 28,985                                              Sold Homes is 12,085

Average Sold Price is $529,149                               Average Sold Price is $360,948       

Median Sold Price is $450,000                                 Median Sold Price is $304,000

Average Days on Market is 34                                 Average Days on Market is 54

 

Market Facts:



The Fall Season is here, new active listings continue to increase, and Buyers and Sellers are not having the same experience as in the past several years.  With interest rates staying low and many buyers in the market, it continues to be a slow time to buy and sell.  Homes are taking longer to sale.  We are seeing much lower annual price increases.  The Metro Denver home market is moving closer to become a Buyer’s market.    

Advice to Sellers:



The Metro Denver Seller’s home market is now seeing a slow down and changes.  A Seller Counseling Session will demonstrate your home value, set expectations, reduce risk, know what can and cannot do, outline the process, inform you of what Buyers are doing, and provide resources.  Learn about the value of renovations and or upgrades, decluttering, and staging the home.  Even though the market activity has slowed down, you will still be seeing multiple offers on homes that are in top condition and priced well.  Homes are now taking longer to sell and price appreciation is changing.  With a slower market and a healthier one, housing is improving and the economy is steady.  Buyers always will determine what your home is worth.  As a Seller, if your home sits longer than a month, it is time to revisit the activity in your neighborhood and local market.



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 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 fall market is here.  Keep your eye on the home market with more homes now available, and consider your family wants and needs.  Foremost, 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, be prepared to act quickly and know that the market is changing.  Even though we will see a slowdown of activity, the home market will continue to focus on Buyer’s.



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.