Roger & Jeri Evans
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Roger: 303.619.4500    Jeri: 303.916.2255
So How's The Denver Real Estate Market? July 2017

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JULY, 2017

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,237 homes at June month end, 7,053 homes came onto the market, 5,288 homes went under contract, and 5,480 homes closed at a median sold price of $387,747 and an average sold price of $449,433 resulting in a closed dollar volume of $2.46 Billion.

Monthly Market Recap:

Single Family: Condo:

Active Inventory is 4,700 Active Inventory is 1,537

Sold Homes is 3,973 Sold Homes is 1,507

Average Price is $494,138 Average Price is $331,574

Median Price is $420,000 Median Price is $275,000

Average Days on Market is 23 Average Days on Market is 39

Year To Date Market Recap:

Single Family: Condo:

Sold Homes is 18,602 Sold Homes is 7,584

Average Sold Price is $473,386 Average Sold Price is $312,068

Median Sold Price is $405,350 Median Sold Price is $261,000

Average Days on Market is 33 Average Days on Market is 38

Source: REcolorado.com – July 6, 2017

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:

Overall, June continues to be a record setting month. The Denver home market continues to be hot; but, now loosening up for Buyers as the rate of price growth is slowing and the number of homes available for sale are increasing. Mortgage interest rates continue to increase. Multiple offers, bidding wars, appraisal and inspection issues, and wire fraud continue to impact the home market. As always, be prepared.

Real estate is local. While the above is a representation of the Denver market as a whole, please contact a Jeri & Roger at Re/MAX Professionals to better understand your specific real estate market.

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JULY, 2017

Advice to Sellers:

The Denver Seller’s market continues and Buyer’s are remaining in the market. As a Seller, you should pretty much know what Buyers are looking for and know that you have to create a lasting impression as you are offering your home for sale. Are you aware that Buyers are now looking for “Smart Homes”? Smart homes are energy efficient and convenient. Smart homes now have new thermostats, lighting control, appliance automation, and security. Is your home a Smart Home?

Are you aware that certain Buyers are now making offers on homes available for sale without even having a showing time set or actually seeing the home?

Be aware that Smart Homes, Healthy Homes, and Life Style choices are a Buyer priority.

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:

The Denver home market continues to be a Seller’s market even though the number of active listings increased in June. Buyer’s creativity remains with multiple offers, bidding opportunities, and price appreciation. Similar to the above comments, be prepared to act quickly. Create your home buying plan and stick to it.

Metro Denver population is increasing. Metro Denver home Buyers now represent every age group. Buyers are looking for their American Home Dream.

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!

 

 
CALL ROGER AND JERI TODAY AT 303-619-4500!


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Jeri & Roger - RE/MAX Professionals
1745 Shea Center Drive Suite #100 • Littleton, CO 80129
Roger: 303.619.4500 • Jeri: 303.916.2255
Fax: (303)973.7754