7 COUNTY METROPOLITAN DENVER MARKET UPDATE
MAY, 2019
Market Metrics:
By the numbers, the inventory of available homes for sale is 6,261 homes at April month end, 6,910 homes came onto the market, 5,349 homes went under contract, and 4,722 homes closed at a median sold price of $415,000 and an average sold price of $487,834 resulting in a closed dollar volume of $2.3 Billion.
Monthly Market Recap:
Single Family: Condo:
Active Month End Inventory is 4,295 Active Month End Inventory is 1,966
Sold Homes is 3,265 Sold Homes is 1,457
Average Price is $543,657 Average Price is $362,739
Median Price is $455,000 Median Price is $300,000
Average Days on Market is 34 Average Days on Market is 57
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 10,433 Sold Homes is 4,552
Average Sold Price is $517,787 Average Sold Price is $355,810
Median Sold Price is $440,000 Median Sold Price is $297,000
Average Days on Market is 42 Average Days on Market is 59
Source: REcolorado.com – May 4, 2019
The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
Market Facts:
The peak home selling season is in full swing in Metro Denver. Metro Denver remains a top destination for Millennials. For Buyers, more active listings are coming and the competition will be strong. For Sellers, if your home sits longer than a month, it is time to revisit the market strategy, and make sure the home is move in ready. As a Buyer or Seller, know what is happening in the home market. Metro Denver continues to be a great home market.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
7 COUNTY METROPOLITAN DENVER MARKET UPDATE
MAY, 2019
Advice to Sellers:
The Metro Denver home market is moving forward to the prime season. Think about a Seller Counseling Session. This 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. Most common staging is in the living room, master bedroom, kitchen, and dining room. Buyer demand will continue as we see more Buyers in the market. Buyers are now all generational. Homes are now taking a little longer to sell and price appreciation is minimal. 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 marketing strategy.
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. Note that Buyers are bringing their A game to the Denver Home Market.
Seller preparation includes a good pricing comparison analysis, instructions on staging, what are the top improvements, introduction to a net sheet to understand the bottom line, 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 hyper 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.
CALL YOUR RE/MAX PROFESSIONAL TODAY!
Advice to Buyers:
As a Buyer, you will probably see that the prime home market continues to move forward with many competing Buyers. Sellers will continue to focus on the sale of their home. First and 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.
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.
CALL YOUR RE/MAX PROFESSIONAL TODAY!