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

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JULY, 2019

Market Metrics:

By the numbers, the inventory of available homes for sale is 8,426 homes at June month end, 6,909 homes came onto the market, 5,205 homes went under contract, and 5,242 homes closed at a median sold price of $425,000 and an average sold price of $495,318 resulting in a closed dollar volume of $2.6 Billion.

Monthly Market Recap:

Single Family:                                         Condo:

Active Month End Inventory is 5,949        Active Month End Inventory is 2,477

Sold Homes is 3,815                                  Sold Homes is 1,427

Average Price is $543,819                          Average Price is $365,651

Median Price is $461,000                           Median Price is $308,000

Average Days on Market is 25                   Average Days on Market is 47

Year To Date Market Recap:

Single Family:                                            Condo:

Sold Homes is 18,393                                Sold Homes is 7,655

Average Sold Price is $529,205                 Average Sold Price is $361,811

Median Sold Price is $449,900                   Median Sold Price is $300,000

Average Days on Market is 35                    Average Days on Market is 57

Source: REcolorado.com – July 5, 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 Metro Denver prime season continues and we are seeing many changes that are different than in the prior years. New active listings are increasing. For Sellers, you will see an increase in offers, negotiations, and the possibility of price adjustments. With interest rates staying low and many buyers in the market, it continues to be a perfect time to buy. Metro Denver will continue to see a change in the home market that overall could be beneficial to everyone.

Real estate is local. While the above is a representation of the Denver market as a whole, please contact Roger Evans Your RE/MAX Professional to better understand your specific real estate market.


Advice to Sellers:

The Metro Denver home market is now in 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. Buyer demand will continue as we see more Buyers, new iBuyers, and investors in the market. Many Buyers will be looking for a new home prior to the start of the school season.. Homes are now taking a little longer to sell and price appreciation is starting. 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, be realistic about your budget, start saving as soon as possible, create your plan, grow your credit score, lock in your rate now, keep your eye on the home market, and consider your family wants and needs.. 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 ROGER EVANS YOUR RE/MAX PROFESSIONAL AT 303-619-4500 TODAY!

 


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