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So How's The Denver Real Estate Market? October 2018

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2018

Market Metrics:

By the numbers, the inventory of available homes for sale is 7,865 homes at September month end, 5,483 homes came onto the market, 3,776 homes went under contract, and 3,921 homes closed at a median sold price of $398,950 and an average sold price of $451,525 resulting in a closed dollar volume of $1.77 Billion.

Monthly Market Recap:

Single Family:                           Condo:

Active Inventory is 5,751             Active Inventory is 2,114

Sold Homes is 2,734                    Sold Homes is 1,187   

Average Price is $496,570             Average Price is $347,775

Median Price is $425,000             Median Price is $299,525

Average Days on Market is 33     Average Days on Market is 56

Year To Date Market Recap:

Single Family:                           Condo:

Sold Homes is 28,478                      Sold Homes is 11,794

Average Sold Price is $515,657     Average Sold Price is $347,764

Median Sold Price is $440,000     Median Sold Price is $295,000

Average Days on Market is 29     Average Days on Market is 55

Source: REcolorado.com – October 6, 2018

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 home market is moving closer to become a Buyer’s market. The number of active listings has increased, the number of homes sold has decreased, the average and median sold price has decreased, buyer demand remains high, and mortgage interest rates are increasing. Overall, the Metro Denver Home Market continues to be a prime market and Buyers will continue to buy a home prior to the holidays. As always, Be Prepared.

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

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2018

Advice to Sellers:

The Metro Denver Seller’s home market continues slowing down. Sellers should know what is happening in the market. Active listings have increased. Buyer demand continues. Price appreciation levels are dropping. Interest rates are increasing. Homes are now taking longer to sell. Buyers always will determine what your home is worth. As a Seller, it is time to focus on home improvements that will benefit both you as the Seller and the Buyer. Always remember that as a Seller, you need to leave a great lasting home impression for all Buyers when they have been shown your home.

The Denver home market is seeing a decrease in showings, fewer multiple offers, and buyers who are cognizant of the home market changes. Manage your expectations, be flexible, be civil, 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:

The Denver home fall market is here. As a Buyer, know that the homes available for sale will continue to increase. As a Buyer, you will probably see that the number of Buyers will continue to be a high number. Sellers will continue to focus on the sale of their home; but, they 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, make the offer that works for you and is the offer that you can complete to close the transaction. We will see a slowdown of activity; but, overall the home market will continue to be the Buyer’s destination. 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!


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

 


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