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METRO DENVER REAL ESTATE MARKET UPDATE JULY 2014

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Real Estate Agent with Bandy Homes

 

METRO DENVER REAL ESTATE MARKET UPDATE  JULY 2014

Overview:

 

Here are the latest reports for the Monthly Denver Real Estate Market Update for stats through June 30, 2014.  The trends are pretty amazing as the number of homes available is falling again, the number of homes sold year-to-date and average prices are up substantially, and the days on the market in all categories are down by double digits!

 

Market Metrics:

 

By the numbers, the inventory of available homes for sale is 6,888 homes at June month end, 6,488 homes came onto the market, and 5,426 homes closed at a median sold price of $284,950 and an average sold price of $335,737, resulting in a closed dollar volume of $1.82 Billion. 

 

Monthly Market Recap:

 

Single Family:                                                          Condo:          

Active Inventory is 5,460                                           Active Inventory is 1,428      

Sold Homes is 3,984                                                   Sold Homes is 1,442              

Median Price is $313,500                                           Median Price is $180,000      

Average Price is $376,138                                          Average Price is $224,116

Average Days on Market is 28                                   Average Days on Market is 24                      

 

Year-To-Date Market Recap:

 

Single Family:                                                          Condo:          

Sold Homes is 17,605                                                 Sold Homes is 6,486              

Average Sold Price is $358,454                                  Average Sold Price is $220,658         

 

Source:  Metrolist, Inc. - July 9, 2014

The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

Advice to Sellers:

 

In a limited inventory market such as Denver, multiple offer situations for sellers are the norm.  Something that is new in the market is simultaneous offers on multiple homes when the buyer intends to buy.  Additionally and slowly, first time home buyers are returning to the market. 

 

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell needs an experienced professional to guide them through the process and can lead the way in the Professional Marketing plan to sell one’s home.  Now is the time to reach out.

 

As a homeowner, seller, or prospective seller, one needs to know the market.  Here are several questions that need to be asked and evaluated:  what is my home worth?, how much equity do I  have in the home?, what is or would be my home’s competition?, what are buyers looking for in a home?, do I need to update the home?, if I update the home, what updates should I do?, and when the home sells, how and when do I find the new home?

 

Know the market, maximize the curb appeal, prepare your home, de-clutter where necessary, update where appropriate, take care of deferred maintenance, and reach out to a Professional.

Market Facts:

The availability of active listings remains limited and prospective buyers are becoming even more creative in the market.

Interest rates remain under 5%.

Available rentals are increasing somewhat, rents continue to remain high, and home ownership is generally cheaper than renting.

Consumer confidence increased in June to 85.2 up from 82.2 in May.

 

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.

 

CALL ME FOR A NO-OBLIGATION SELLER CONSULTATION!

 

 

Advice to Buyers:

 

Creativity is the word of the day.  For example: when having your REALTOR® present your offer, include a letter or video from you and yours which highlights the reason why the seller’s home is your American Dream, consider offering at a competitive price, be willing to compete against other buyers, and most recently consider making simultaneous offers on multiple properties.     

 

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 Me To Discuss Your Best Options And Opportunities To Participate And Succeed In The Purchase Of Your “Dream” Home.

 

Let the professionals at the Bandy Team help you buy or sell a Denver home, contact us for a no-obligation consultation. If you’re thinking about buying a Denver home, we can show you some terrific homes in Denver, including property in Castle Rock and real estate in the Englewood community.

 

Until next time,

 

Marianne Bandy


The Bandy Team of RE/MAX Professionals


720-466-3790

www.DenverHomeSearcher.com

 

 

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