So, How’s the Market, April, 2016
All data taken from REColorado, on April 15, 2016. Denver, Colorado. All data taken from the 8 county Denver Metro Area only.
First Quarter 2016 Real Estate Review
- The first quarter of 2016 for real estate in Denver, CO experienced all of the same aggressiveness as the last 3 quarters of 2015. Bidding wars for houses, prices rising and inventory at historical lows for The Denver metro area
- There are currently 5468 Active Single Family and Condominiums as of today. For the 1st QTR of 2015 compared to 1st QTR 2016 the total number of listings taken is 1% lower today but the total inventory is 6% higher indicating a normal growing spring inventory.
- At the end of 1st QTR 2015 the Average Price was $354,611 vs. the end of 1st QTR 2016 the Average Price is $387,547 at 9% increase in one year. Median price went from $312,000 to $340,000 or a 9% increase indicating there just are not many lower priced homes on the market today.
- The Days on the Market in 1st QTR 2015 was 33. Today it’s 31 or a 6% decrease in time on the market.
What Does the Denvers Future Hold for Real Estate?
- Appreciation to continue at a slower rate than 2015.
- Interest Rates will rise approximately 1% toward the end of the year causing housing inventory to increase.
- The opportunity to move up to your dream home could not be at a better time than NOW!
What Should Buyers Do in Today’s Market?
- Be Ready To Buy! Be pre-approved to make a competitive offer.
- Know you will not have much room for negotiations during inspections. Understand the condition of your new purchase very well.
- Real estate is very localized to neighborhoods. Study the data from the area you want to live and compare the research for that neighborhood over time to understand the trends.
What Should Sellers do in Today’s Market?
- Be positioned as the best conditioned home. You will get top dollar this way.
- Appraisals haven’t quite caught up with the buyer willingness to pay. Have a strong strategy to get your home appraised before taking it off the market on the highest offer.
- It’s April, make your home front sparkle from the street to attract the most traffic possible in the first few days and get some of that winter look off as things green up!!! This is when you will obtain the best offers.