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So How's The Denver Real Estate Market? Through September 10, 2019

Our main Theme for the Denver Metro Market is holding pretty true to what we expected as most of our data is very similar to 2018, however there is one major theme that has happened!  We are no longer calling the Market as Shifting, and now we call the market as Shifted!

First: Sellers, please price your home correctly in the beginning and be quick to respond to feedback as Buyers are bringing their “A game” right now!

Second: Buyers, please get your pre-approvals with Lenders done soon, as you are about to see Historic low interest rates! Get in this market Now!

By the numbers: Total Inventory (Single Family, Condo’s and Townhomes) are up 11.8% Year over Year! Days on the Market are up 11.1% Year over Year!

Average Sold Prices are only up 2.66% Year over Year! The only anomaly is the Condo/Townhome Market as Inventory is up almost 30%!

This is a fantastic time for Move Up Buyers as the Premier, Signature and Luxury Markets have leveled off and prices are flat year over year!

We see some wonderful opportunities for Buyers and Sellers in this Fall Market!

Hurry before the Snow Falls!

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

SEPTEMBER, 2019

Market Metrics:

By the numbers, the inventory of available homes for sale is 8,181 homes at August month end, 6,164 homes came onto the market, 4,705 homes went under contract, and 5,154 homes closed at a median sold price of $420,000 and an average sold price of $477,545 resulting in a closed dollar volume of $2.46 Billion.

Monthly Market Recap:

Single Family:                                               Condo:

Active Month End Inventory is 5,673           Active Month End Inventory is 2,508

Sold Homes is 3,609                                      Sold Homes is 1,545

Average Price is $523,862                             Average Price is $369,350

Median Price is $452,500                              Median Price is $306,500

Average Days on Market is 33                      Average Days on Market is 50

Year To Date Market Recap:

Single Family:                                            Condo:

Sold Homes is 25,990                                   Sold Homes is 10,831

Average Sold Price is $529,727                    Average Sold Price is $361,958

Median Sold Price is $450,000                     Median Sold Price is $302,900

Average Days on Market is 34                     Average Days on Market is 55

Source: REcolorado.com – September 7, 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:

Even though we are seeing 60 new metro Denver residents daily, market activity has slowed down. New active listings continue to increase. Buyers and Sellers are not having the same experience as in the past several years. Schools are back in session. 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 and longer to sale; but, we are seeing a low price increase.

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.

CALL ROGER EVANS YOUR RE/MAX PROFESSIONAL AT 303-619-4500 TODAY!

 


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Roger: 303.619.4500 •
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