Denver Real Estate Market Update June 2016

Denver Real Estate Market Update May 2016

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7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JUNE, 2016

By the numbers:

- The inventory of available homes for sale is 5,039 homes at May month end

- 6,450 homes came onto the market

- 5,599 homes went under contract

- 4,792 homes closed

- Median sold price $360,000

- Average sold price $408,286

- Closed dollar volume $1.96 Billion.

Monthly Market Recap:

Single Family:

Active Inventory is 3,920

Sold Homes is 3,432

Average Price is $452,134

Median Price is $394,047

Average Days on Market is 28

Condo:

Active Inventory is 1,119

Sold Homes is 1,360

Average Price is $297,636

Median Price is $244,000

Average Days on Market is 29

Year To Date Market Recap:

Single Family:

Sold Homes is 13,646

Average Sold Price is $432,781

Median Sold Price is $375,000

Average Days on Market is 37

Condo:

Sold Homes is 5,566

Average Sold Price is $285,392

Median Sold Price is $234,000

Average Days on Market is 35

Market Facts:

School is out and more 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 homes available for sale. This is the prime home buying season and we are seeing record price appreciation. Multiple offers, bidding wars, and appraisal and inspection issues continue to impact the home market. Sellers should have their home ready to sell. As always, be prepared.

Advice to Sellers:

Denver continues to be a destination home market and the Denver home market is a Seller’s market, is strong, is healthy, and Buyer demand is greater than the number of homes for sale. As a Seller, you must know your home’s value and then have it listed at the right price. The Denver home market continues to be creative. Be prepared for multiple offers, bidding opportunities, and requests for incentives. Manage your expectations, be flexible, be civil, and accept the offer that works best for you the Seller.

Seller Alert: Wire fraud is on the rise in home selling transactions.

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.

Advice to Buyers:

School is out. More Buyers are in the market today. Most Buyers probably want to be in their new home before for the start of the fall school season. The Denver home market continues to be creative 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. Buyers should give consideration to be in a secondary position on a home because the market is seeing an increase of contract terminations. Create your home buying plan and stick to it.

Buyer alert: Wire fraud is on the rise for home purchase transactions.

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 Report April 2016

Michael Kozlowski #1 Agent at RE/MAX Professionals 3 Years in a Row!

Check us out: http://www.team-koz.com/

Denver Real Estate Market Update May 2016

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

MAY, 2016

By the numbers:

-          The inventory of available homes for sale is 4,845 homes at April month end

-          6,137 homes came onto the market

-          4,917 homes went under contract

-          4,255 homes closed at a median sold price of $350,000

-          Average sold price of $395,690

-          Closed dollar volume of $1.7 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 3,750                                                      

Sold Homes is 3,011                                                                          

Average Price is $441,029                                         

Median Price is $383,500                                          

Average Days on Market is 31                                                          

Condo:

Active Inventory is 1,095

Sold Homes is 1,244

Average Price is $285,949

Median Price is $239,900

Average Days on Market is 31

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 10,120                                                            

Average Sold Price is $426,501                                            

Median Sold Price is $369,000                                  

Average Days on Market is 39                                  

Condo:

Sold Homes is 4,176

Average Sold Price is $281,719

Median Sold Price is $230,000

Average Days on Market is 37

Market Facts:

The April Denver home market saw more homes available for sale and more new homes coming onto the market, homes going under contract increased, and homes closed at increased prices.  Buyer demand continues to outpace the homes available for sale.  Buyers are becoming more creative in their offers and Sellers are looking at all options.  Multiple offers, bidding wars, and appraisal and inspection issues continue to impact the home market.  As always, be prepared.

Advice to Sellers:

Now is the time to sell as the Denver home market is a Seller’s market, is strong, is healthy, and Buyer demand is greater than the number of homes for sale.  As a Seller, you must know your home’s value and then have it listed at the right price.  The Denver home market continues to be creative.  Be prepared for multiple offers, bidding opportunities, and requests for incentives.  Buyers look for a lasting impression such as curb appeal, energy efficient lighting, de-cluttered space, staged, and valued home improvements.

Manage your expectations, be flexible, be civil, 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, 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.

Buyers should give consideration to be in a secondary position on a home because the market is seeing an increase of contract terminations.  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.

 Denver Real Estate Market Update May 2016

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Denver Real Estate Market Report April 2016 Michael Kozlowski #1 Agent at RE/MAX Professionals 3 Years in a Row! Check us out: http://www.team-koz.com/

Denver Real Estate Market Report April 2016

Michael Kozlowski #1 Agent at RE/MAX Professionals 3 Years in a Row!

Check us out: http://www.team-koz.com/

Denver Real Estate Market Update April 2016

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

APRIL, 2016

By the numbers:

-          The inventory of available homes for sale is 4,080 homes at March month end

-          5,415 homes came onto the market

-          4,530 homes went under contract

-          4,028 homes closed

-          Median sold price $345,000

-          Average sold price $389,822

-          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.

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Denver Real Estate Market Update March 2016

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

MARCH, 2016

By the numbers:

-          The inventory of available homes for sale is 3,627 homes at February month end

-          4,081 homes came onto the market

-          3,971 homes went under contract

-          2,925 homes closed

-          Median sold price of $328,000

-          Average sold price of $375,696

-          Closed dollar volume of $1.1 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 2,847                                                      

Sold Homes is 2,024                                                                          

Average Price is $417,538                                         

Median Price is $360,000                                          

Average Days on Market is 46                                                          

Condo:

Active Inventory is 780

Sold Homes is 902

Average Price is $282,106

Median Price is $226,000

Average Days on Market is 42

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 4,066                                                              

Average Sold Price is $414,851                                            

Median Sold Price is $354,000                                  

Average Days on Market is 46                                  

Condo:

Sold Homes is 1,706

Average Sold Price is $276,572

Median Sold Price is $221,250

Average Days on Market is 42

Market Facts:

February was another amazing month in the Denver home market.  Even though consumer confidence decreased month over month, the consistent media exposure talked about the #1 home market being the Denver area. 

-          The number of homes for sale set a new record low. 

-          With that being said, active listings are in high demand. 

-          Buyers and Sellers need to be aware of all facts impacting the Denver home market as the prime home selling and buying season is here.

Advice to Sellers:

What should you do if you are ready to sell your home? 

-          First and foremost, don’t overprice your home

-          Make your home shine and stand out from the competition

-          De-clutter, de-clutter, de-clutter

Many current home owners are in the process of preparing their home to be sold; but, they are doing upgrades that are costly, not necessarily desirable by potential buyers, and negative net returns.

Here are some things to think about for upgrades:  energy efficient, low emission, tank less water heater, “Nest” type thermostats, kitchen upgrades, opening up floor plans, hardwood flooring, new counter tops, “amped” appliances, and multiple charging stations.

With continued Denver population growth and consumer demand for home ownership, market frenzy can be expected for the next several months in the lower price ranges.

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. 

Advice to Buyers:

What should you do if you are ready to buy?  First and foremost, focus on your lifestyle and must haves.  Next, pre-qualify so you know what portion of the market you can participate in.  The current Buyer motivation relates to high rents, low number of active homes for sale, and household formation.  Last but not least, do it now.

The prime home selling and buying season is here.  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.

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12 States with the Hottest 2016 Housing Markets

12 States with the Hottest 2016 Housing Markets: While U.S.

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Denver Real Estate Market Update February 2016

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2016

By the numbers:

-          The inventory of available homes for sale is 3,889 homes at January month end

-          3,701 homes came onto the market

-          3,457 homes went under contract

-          2,770 homes closed

-          Median sold price of $318,300

-          Average sold price of $372,966

-          Closed dollar volume of $1.0 Billion. 

Monthly Market Recap:

Single Family:                                                                      

Active Inventory is 3,043                                                     

Sold Homes is 1,980                                                                          
Average Price is $414,033                                         
Median Price is $347,500                                          
Average Days on Market is 46                                                          

Condo:

Active Inventory is 846

Sold Homes is 790
Average Price is $270,041
Median Price is $213,000
Average Days on Market is 41

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 1,980                                                              

Average Sold Price is $414,033                                            
Median Sold Price is $347,500                                  
Average Days on Market is 46                                  

Condo:

Sold Homes is 790

Average Sold Price is $270,041
Median Sold Price is $213,000
Average Days on Market is 41

Market Facts:

January 2016 set records when compared to prior January home transactions.  Buyer demand remains strong and the inventory of active listings remains low.  More apartments are coming on the grid which is increasing apartment vacancy.  Buyers and Sellers need to be aware of all facts impacting the Denver home market.  The prime home selling and buying season is around the corner and as a Seller or a Buyer, be prepared.  Remember that the home market is changing.

Advice to Sellers:

Recognizing that “Housing Forecasts” predict a healthy real estate market for 2016, Seller’s need to be aware that the housing market is forecasted to be a Seller’s market due to strong Buyer demand, relatively low inventory of homes for sale, and reasonable price appreciation.  With this being said, here are some top tips for 2016 Seller’s.  List your home during the prime home selling and home buying season which is just around the corner. Strong Buyer demand will benefit Sellers.   Second, price your home to the market.  Beware of pricing for homes sold in or near your neighborhood or are a similar home to yours.  This knowledge will benefit the Seller.  Third, consider what you as a Seller needs to do to your home or if you may need to offer incentives to make the home more marketable.

Denver will see more Buyers from all over the world.  Denver will continue to be in the top 10 home markets in 2016.  Consumers will continue to focus on home ownership.

Seller preparation is key and 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.   

Advice to Buyers:

The 2016 housing market is forecasted to be primarily a Seller’s market mainly due to high Buyer demand and low inventory of homes for sale.  The prime home selling and buying season is just around the corner and expect another market frenzy year. As a Buyer, be the early bird and get into the home market now, do your homework and be approved for the best mortgage option for you, consider buying a new home that meets your expectations, and look at the entire home market.  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.

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Denver Real Estate Market Update January 2016

The latest Denver Real Estate Market Update & Stats for December 2015 are below and our new Quick glance December Snapshot is inserted below as well

The market has continued to slow to a normal winter pace with very seasonal activity in most price ranges. Active inventory is up 3.9% from this time last year but still historically very low. Homes have begun to start hitting the market the past few days which will give sellers more competition, buyers more homes to choose from and start the annual inventory increase.

It continues to be a different market with Days on Market closer to 60-180 days when you are $500K to over $1Million range. Homes in the Under $500k range are also seeing days on markets longer than 30-45 days in some areas now, which was unheard of just 6 months ago. Average days on market for December was 42 days for Single Family Homes.

The Market ended December with another decrease in inventory, decreasing 23.43% from November 2015. The inventory of homes available for sale usually increases starting in January and peaks around July.

Here are some of the headlines that we are currently seeing from the latest data:

-          The December 2015 month end inventory of unsold home Single Family Homes & Condos is at 3,993 homes down 23.43% from November 2015 but up 3.90% from December 2014.

       -      3,148 Single Family Homes were on the market as of December 31, 2015

-          Single Family Inventory levels are up 2.17% from the historically low inventory levels we saw 1 year ago

-          4,259 homes sold/closed in December 2015 up 22.31% from November 2015

-          Sales volume increased to $1.6 Billion for December 2015

With inventory continuing to decrease and interest rates still hovering around 4%-4.5%, we should see a normal stream of seasonal buyers throughout the beginning of 2016 with less homes to choose from.

Multiple offers are still happening in the lower price ranges in good areas, full price is still possible for homes with good upgrades, locations or homes priced well, especially in the mid to lower price ranges. Some homes in the middle ranges are beginning to sit for 30+ days now if not priced well, a change from last year.

Feel free to forward our market update to everyone you know and spread the word.

Please let me know if you have any questions or would like any more specific information.

                                            7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JANUARY, 2016

By the numbers: 

-          The inventory of available homes for sale is 3,993 homes at December month end

-          2,177 homes came onto the market

-          2,655 homes went under contract

-          4,259 homes closed

-          Median sold price $315,000

-          Average sold price $371,450

-          Closed dollar volume of $1.6 Billion. 

Monthly Market Recap: 

Single Family:                                                                       

Active Inventory is 3,148                                                      

Sold Homes is 2,985                                                                          

Average Price is $411,873                                         

Median Price is $345,000                                          

Average Days on Market is 42                                                          

Condo:

Active Inventory is 845

Sold Homes is 1,274

Average Price is $276,739

Median Price is $223,000

Average Days on Market is 37

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 37,680                                                            

Average Sold Price is $404,825                                            

Median Sold Price is $346,000                                  

Average Days on Market is 31                                  

Condo:

Sold Homes is 15,801

Average Sold Price is $257,715

Median Sold Price is $211,000

Average Days on Market is 27

Market Facts:

2015 was a record setting year with 53,481 homes sold and a closed dollar volume of $19.3 Billion.  Happy New Year and whether you are a Seller or a Buyer, be prepared as Metro Denver is now one of the top destination cities in the United States.  In closing the year and looking forward into 2016, the top concerns are tight inventory, home affordability, appraisal issues, tight credit, and TRID.

Advice to Sellers:

Happy New Year - 2016 is here and as a Seller, what can you expect from the Denver home market?  Overall the Denver home market will continue to move forward; but at a slower pace than 2015.  Buyer demand will continue to be strong as Denver is now a destination city.  Price appreciation is not expected to be as great as in 2015.  New household formations will continue to increase and multi generations will look to buy.  Denver will see more Buyers from all over the world.  Denver will continue to be in the top 10 home markets in 2016.  Consumers will continue to focus on home ownership.  New home builders will focus on increasing the availability of their new homes and try to reduce the time needed to build a new home.

Buyers today are savvier and more educated when it comes to home markets.  Sellers need to be prepared. Home closing time frames are now increasing by at least a week.  As a Seller, do not forget the home selling basics, make your plan and stick to it initially and then adjust as the market adjusts.

Seller preparation includes a good pricing comparison analysis, instructions on staging if needed, 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:

Happy New Year - 2016 is here and as a Buyer, what can you expect from the Denver home market?  2016 will bring increased home mortgage interest rates, continuous changes to the closing process, home price appreciation at a reduced rate, strong Buyer demand as Denver is now a destination city, an increase in household formations, more and more Buyer competition will come from all over the world, and market conditions that may challenge all.  The definition of what makes a home is dramatically evolving from tiny home to multi generational.  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.