Trish Hopkins
Phone: (303) 268-8843
Many Doors Opened, Many Lives Touched.
In-Depth Market Analysis

 7 COUNTY METROPOLITAN DENVER MARKET UPDATE

OCTOBER 2017

Market Metrics:

By the numbers, the inventory of available homes for sale is 6,733 homes at September month end, 5,425 homes came onto the market, 4,386 homes went under contract, and 4,520 homes closed at a median sold price of $375,000 and an average sold price of $422,009 resulting in a closed dollar volume of $1.91 Billion.


Monthly Market Recap:

Active Inventory is 4,964                   Active Inventory is 1,769

Sold Homes is 3,184                         Sold Homes is 1,336
Average Price is $469,049                 Average Price is $309,901
Median Price is $405,000                  Median Price is $265,000
Average Days on Market is 29           Average Days on Market is 41

Year to Date Market Recap:
Single Family:                                   Condo:
Sold Homes is 29,331                        Sold Homes is 12,023
Average Sold Price is $474,776         Average Sold Price is $312,370
Median Sold Price is $407,900          Median Sold Price is $265,000
Average Days on Market is 31           Average Days on Market is 39

Source: REcolorado.com – October 7, 2016. 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:

Fall is here and we are seeing an increased seasonal slowdown in the Denver Metro home market. Showings are slowing down, open houses are back, mortgage rates have risen, Sellers are reducing prices, Buyers are escalating demands during the inspection process, and many Buyers now want turn key properties so they can move in and live to their expectations. Overall, the home market is good year over year. As a Seller or Buyer, be prepared. 
Real estate is local. While the above is a representation of the Denver market as a whole, please contact me to better understand your specific real estate market.


Advice to Sellers: 

With an increased seasonal slowdown in the Denver home market, Sellers need to be aware what should be done so that Buyers will keep the Seller's home within their desire to by. Keep in mind that curb appeal entices the Buyers to see more and is known as the first impression. Next, remember to declutter and stage rooms for a purpose. Pay attention to details and light up the home by cleaning and adding LED lightbulbs. Always remember that as a Seller you need to leave a great lasting impression on all Buyers when they are shown your home.

Buyer's priority upgrades include: kitchen, bathroom, flooring, master suite, HVAC, closet renovation, and insulation.

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 knowledgable, and can assist in the Professional plan to sell one's home.

CALL ME TODAY!


Advice to Buyers: 

There is every indication that Buyers will see a different fall home market than in prior years. What this means is that the Denver home market will continue to show seasonal signs of leveling off and Buyers will see a slowdown of activity. Be prepared to act quickly, create your home buying plan, and stick to it.

Home pricing will remain constant with little price appreciation. Even though mortgage interest rates remain low today, there is every indication that mortgage interest rates will continue to increase in the near future. What this means is that with an increase, Buyers will be able to borrow less than currently.

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 ME TODAY!


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1745 Shea Center Drive Suite # 100 • Littleton, CO 80129
Phone: (303) 268-8843 • Many Doors Opened, Many Lives Touched.




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