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

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2018

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,804 homes at November month end, 3,653 homes came onto the market, 3,161 homes went under contract, and 3,728 homes closed at a median sold price of $393,000 and an average sold price of $454,681 resulting in a closed dollar volume of $1.695 Billion.

Monthly Market Recap:

Single Family:                                Condo:

Active Inventory is 4,798                 Active Inventory is 2,006

Sold Homes is 2,609                         Sold Homes is 1,119

Average Price is $498,498                 Average Price is $352,521

Median Price is $425,000                   Median Price is $293,750

Average Days on Market is 38           Average Days on Market is 59

Year To Date Market Recap:

Single Family:                                   Condo:

Sold Homes is 34,198                         Sold Homes is 14,261

Average Sold Price is $514,109         Average Sold Price is $347,292

Median Sold Price is $438,000         Median Sold Price is $295,000

Average Days on Market is 31          Average Days on Market is 57

Source: REcolorado.com – December 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 now has Sellers and Buyers focusing on the holiday season. The number of active listings has decreased, the number of homes sold has decreased, the home price appreciation is slowing down, buyer and seller demand is changing, and mortgage interest rates are increasing. As a Buyer or Seller, know what is happening in the home market, understand your market, and remember to focus on your 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

DECEMBER, 2018

Advice to Sellers:

The Metro Denver Seller’s holiday home market is here and Sellers should know what is happening in the market. Active listings are changing. 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 getting off the fence, knowing what is happening in the home market, what are the home market statistics, and what is your current home value. Be realistic in your outlook and stay focused on the home sale.

The Metro Denver holiday 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, 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:

Sellers are pulling back because of the holidays. As a Buyer, know that the homes available for sale will decrease. As a Buyer, you will probably see that the number of Buyers will continue. Sellers will continue to focus on the sale of their home; but, now in a different time frame. 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, 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 one more time this year. 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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