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

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

AUGUST, 2018

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,762 homes at July month end, 5,910 homes came onto the market, 4,696 homes went under contract, and 4,923 homes closed at a median sold price of $412,000 and an average sold price of $471,734 resulting in a closed dollar volume of $2.32 Billion.

Monthly Market Recap:

Single Family: Condo:

Active Inventory is 5,069 Active Inventory is 1,693

Sold Homes is 3,529 Sold Homes is 1,394

Average Price is $521,834 Average Price is $344,902

Median Price is $448,500 Median Price is $295,000

Average Days on Market is 23 Average Days on Market is 40

Year To Date Market Recap:

Single Family: Condo:

Sold Homes is 21,895 Sold Homes is 9,065

Average Sold Price is $518,755 Average Sold Price is $348,999

Median Sold Price is $442,000 Median Sold Price is $295,000

Average Days on Market is 29 Average Days on Market is 56

Source: REcolorado.com – August 4, 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:

July is historically a slower month than June and this July continues to be slower as overall buyer activity has slowed causing a cooling in the Metro Denver home market. The number of active listings has increased, the number of homes sold has decreased, and the average and median sold price has decreased. Overall, the Metro Denver Home Market continues to be a prime market. As a Seller or Buyer, please be aware of the changes that are occurring in this home market.

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.

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

AUGUST, 2018

Advice to Sellers:

The Metro Denver Seller’s home market is slowing down and Buyer’s continue to look to purchase a home of their choice. Sellers should know what Buyers are looking for, what changes in the home market that are taking place and will impact you selling your home, and know that you have to create a lasting impression of your home as you are offering your home for sale. Buyer’s continue to focus on “Smart Homes”, “Healthy Homes”, Life Style choices, and their best choice of a home.

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 Metro Denver home market continues to be a Seller’s market even though the number of active listings continued to increase in July. As a Buyer, make the offer that works for you and is the offer that you can complete to close the transaction. The Denver home market is seeing a continuous slow down which equates to an increase in the number of days a home stays on the market. As a Buyer, be prepared to act quickly.

The Metro Denver population is increasing and we are seeing Home Buyer’s find their own independence through homeownership. Create your home buying plan and stick to it.

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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