January 2014 boasted an increase in dollar volume and in the number of closed transactions within the Denver Metro real estate market.
Two hundred seventy-three homes were sold or closed in January 2014 at the $500,000 to $749,999 price range, with a closed dollar volume of $161.9 million.
For homes in the $750,000 to $999,999 price range, the number of closed transactions is up 54% with the dollar volume of closed transactions up as well at 49% compared to year to date 2013. The average sold price for Single Family home purchases is down 4% while average Condo sold price is up 7%.
Sales volume increased for both Single Family homes and Condos sold within the $1 million+ market. Average sold prices are also up for both.
Advice to Buyers
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 which you qualify for when you are purchasing a home.
Do your homework, and manage your expectations. Prioritize your needs and wants and focus on the available homes.
Advice to Sellers
It is a new year with some things changing while others remain the same. As we move into the prime home selling season, buyer demand remains strong and available homes for sale is still limited.
Sellers are nervous about what the spring season is going to bring. Consumers are both optimistic and realistic. Recent surveys indicate that consumers are more committed to buying and selling this year. Normalcy in the home market is returning; but strong consumer demand and limited inventory of homes available for sale remains.
When taking a look at the top two generations of current home buyers, GEN-X (1965-1979) and MILLENNIAL(1980-2000), both share several home MUST HAVES: updated kitchen and bath, big kitchen with open floor plan, home office, location, technology and lifestyle.
Each and every home is unique. What is a seller to do? Prepare your home, de-clutter, take care of deferred maintenance, and reach out for professional assistance in selling the home.