DENVER REAL ESTATE MARKET UPDATE
JUNE 2014
Overview
The Market continues to show strong Buyer Confidence and interest in Buying, and finally we have seen a slight increase in Inventory! Just over 5,500 Single Family homes on the market, and over 1,500 Condo’s and Townhomes on the market at the end of May! The biggest number we are amazed with is the Average price of a Single Family Home is at a record high $376,111! Wow, and that is now higher than our records back in 2006 and 2007! The smallest number we are amazed with is the Days on Market at 31 for Single Family and 25 for Condo’s/Townhomes!
Market Metrics:
By the numbers, the inventory of available homes for sale is 7,059 homes at May month end, 6,837 homes came onto the market, and 4,983 homes closed at a median sold price of $277,053 and an average sold price of $335,246 resulting in a closed dollar volume of $1.67 Billion.
Monthly Market Recap:
Single Family: Condo:
Active Inventory is 5,542 Active Inventory is 1,517
Sold Homes is 3,593 Sold Homes is 1,390
Median Price is $311,355 Median Price is $180,000
Average Price is $376,111 Average Price is $229,643
Average Days on Market is 31 Average Days on Market is 25
Year To Date Market Recap:
Single Family: Condo:
Sold Homes is 13,481 Sold Homes is 4,981
Average Sold Price is $353,413 Average Sold Price is $219,294
Source: Metrolist, Inc., - June 10, 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.
Market Facts:
Approximately 60 days remain in the prime home selling/ home buying season.
The inventory of homes available for sale has increased and buyer demand remains strong.
On the home affordability front, the Condo market is hot, Hot, HOT!
Consumer confidence increased in May to 83 up from 81.7 in April.
Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate. The Condo market has less than a one month supply.
Advice to Sellers:
School is out and approximately 60 days remain in the prime home buying season. In this market, buyers are well informed and have determined the dream home of choice.
If your home is on the market or will be soon, how do you satisfy a buyer’s need that will result 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 home of their dreams. Month after month, we have focused on home selling basics. This month, the focus is on the fact that Real Estate is local. As such, the homeowner looking to sell one’s home needs a professional who is a local expert, is hyper local market (neighborhood) knowledgeable, and can assist 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 update should I do, and when the home sells, how and when do I find the new home?
What is a seller to do? Know the market, maximize the curb appeal, prepare your home, de-clutter, update where appropriate, take care of deferred maintenance, and reach out to a Professional.
CALL ME TO DISCUSS YOUR HOME SELLING OPTIONS!
Advice to Buyers:
Prices continue to increase, the market remains strong, and availability of homes on the market remains limited. As a buyer, you have already determined your dream home. Now is the time to reach out. Expand your focus to the greater Denver market when looking for your dream home.
What is a buyer to do? Know what you want in a home, where you want to live, and what price range you can afford. Complete the loan 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.
Call me to discuss your lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2014, and home affordability.
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 Denver Highlands and real estate in Washington Park (also known as Wash Park).
Until next time,
Marianne Bandy
The Bandy Team of RE/MAX Professionals
720-466-3790
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