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So How's The Denver Real Estate Market? February 2019

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2019

Market Metrics:

By the numbers, the inventory of available homes for sale is 5,262 homes at January month end, 4,502 homes came onto the market, 3,545 homes went under contract, and 2,708 homes closed at a median sold price of $391,426 and an average sold price of $451,783 resulting in a closed dollar volume of $1.223 Billion.

Monthly Market Recap:

Single Family:                                         Condo:

Active Month End Inventory is 3,544     Active Month End Inventory is 1,718

Sold Homes is 1,922                                Sold Homes is 786

Average Price is $490,434                       Average Price is $357,271

Median Price is $421,750                       Median Price is $290,000

Average Days on Market is 50                Average Days on Market is 70

Year To Date Market Recap:

Single Family:                                               Condo:

Sold Homes is 1,922                                      Sold Homes is 786

Average Sold Price is $490,434                    Average Sold Price is $357,271

Median Sold Price is $421,750                    Median Sold Price is $290,000

Average Days on Market is 50                    Average Days on Market is 70

Source: REcolorado.com – February 11, 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:

There is always a transition in the January Metro Denver home market as Sellers are bringing homes onto the market and Buyers are ready to buy. 2019 overall will be a Seller’s and/or Buyer’s market. Even though the changes noted in 2018 will continue in 2019, the Metro Denver home market will be beneficial to all. As a Buyer or Seller, know what is happening in the home market and the local, state, and national economy.

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.

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2019

Advice to Sellers:

The Metro Denver 2019 Seller’s home market is here and Sellers should know what will be happening in the market. As a Seller, list your home as the prime home selling season is just around the corner and more important, price your home for the market. Note that comments from several national data base companies state that price appreciation will continue to increase slowly, mortgage interest rate increases will impact Buyers, the inventory of active listings will remain low, current city, state, and national activities will impact our home market, and the overall 2019 Metro Denver Home Market will change from what has taken place in the prior years. Buyer demand will continue. Homes are now taking longer to sell. Buyers always will determine what your home is worth. As a Seller, focus on 2019 and the changes in the home market.

Manage your expectations, be flexible, 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, 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 number of competing Buyers will continue. Sellers will continue to focus on the sale of their home. Sellers know that the market is changing and as a Seller, they will have to consider the changes taking place in the Metro Denver Home Market. As a Buyer, be the early bird and 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 aware that the mortgage interest rates will increase again in 2019. As a Buyer, if you do not buy now, in the future you will have less opportunity. 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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