Here’s a quick look at the current state of the real estate market conditions in my market area (southern metro Denver), and my home area (Highlands Ranch Westridge). A guide to understanding the information is below the table.
IT IS IMPORTANT TO NOTE THAT ALTHOUGH NEARLY EVERY INDICATOR FAVORS SELLERS, THE RATE OF GROWTH IS SLOWING. THAT GENERALLY FAVORS BUYERS. WE ARE STILL A FEW MONTHS AWAY FROM A BALANCED MARKET, BUT WE ARE GETTING THERE. KEEP YOUR EYE ON THE TRENDS!
Real estate markets can change quickly, so keep an eye on the current market conditions. Of course, if you need help interpreting any of this, or want to see how it all impacts you, just let me know. I can be reached at 720-258-6211, or you can contact me through the website.
(Data from Metrolist, 5/19/17)
CURRENT MARKET STATUS: Strong Sellers' Market
|SOUTH METRO DENVER|
|Days to sell all active listings||28||27||31||Buyers|
days to sell
|Median original list price||$425,000||$420,000||$399,500||Sellers|
active list price
|Median sold price||$412,500||$400,000||$380,000||Sellers|
|Average sold price||$472,157||$479,027||$452,532||Buyers|
|HIGHLANDS RANCH WESTRIDGE|
|Days to sell all listings||34||44||36||Sellers|
|Median days to sell||5||4||5||Buyers|
|Median original list price||$462,500||$454,500||$450,000||Sellers|
|Median active list price||$462,500||$448,500||$440,000||Sellers|
|Median sold price||$447,000||$424,000||$414,000||Sellers|
|Average sold price||$531,933||$500,041||$451,548||Sellers|
Understanding the table
This table has two main sections: South metro Denver, and Highlands Ranch Westridge. The data represent the current real estate market conditions compared to the market at the end of the previous year, with a percentage change calculated for each row. Numbers are shown as whole numbers, and might be rounded.
This number is the number of active listings at the end of the month, regardless of price. It does not include properties that are under contract.
The number of properties that sold during the month. To be considered “sold,” the transaction must have closed, and ownership changed from the seller to the buyer.
Days to sell all listings
This figure shows how long it would take to sell all the active listings, based on the rate of sales for the month. It does not factor in new listings coming onto the market. Smaller numbers indicate a seller’s market; larger numbers, a buyer’s market. A “balanced” or “normal” market is traditionally around 90 – 180 days.
Median days to sell
Shows how long properties remained in active status before going under contract. A negative number indicates that homes are now selling that percentage faster than before; a positive number shows the market is slowing down.
Median original list price
The original list price of the properties that were active at the end of the month. Half of the properties were priced above this figure, and half were priced below it.
Median active list price
The list price of the properties that were active at the end of the month. Half of the properties were priced above this figure, and half were priced below it.
Median sold price
The median price is the price right in the middle of the range of sold-property prices. It is not the same as the average price. The trend of this number is usually more important than the number itself, as it is a pretty good indicator of direction the market has been going, and will likely continue to go.
Average sold price
Calculated by adding up all the sold prices, and dividing by the number of sales. It is sometimes called the “mean” sold price. When the average price is greater than the median price, the market is more active in higher-priced properties. As with the median sold prices, the trend is more important than any one figure.
If you have comments or questions about becoming my client in your home buying or selling adventure in Highlands Ranch or the southern metro Denver area, don’t hesitate to give me a call at 720-258-6211. If you’d prefer, you can fill out this little form and send it to me. Whichever you choose to do, do it now, while it’s still on your mind. Let’s get you on the road to becoming my client, so that we can get you to your destination as quickly and smoothly as we possibly can.
Here are some more pages you might find interesting
Take some time to explore this site. There’s a lot of information here, and more is being added all the time. Let me know if you need any assistance. Here are some parts of this website that you might find interesting:
Free reports for buyers and sellers: I’ve put all my reports into one free, no-obligation, easy-to-access place
My blog: my thoughts and musings as a real estate broker
My newsletter: a monthly publication packed full of interesting and fun information, delivered right to your email
About me: how I work, and how I became a real estate broker
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