Real Estate in Review
The Denver Metro real estate market cooled a bit throughout the fall, as was expected. Although the average sales price in Denver was 2% lower than the previous month ($394,059), it was still 12% higher than the previous year, according to ReColorado.com. The chart below is an excellent review of how the market has behaved in relationship to the past two years. The first chart displays the entire metro market, while the second image depicts the luxury market (i.e. homes over $1 million) as that market often behaves slightly differently.
As we review the larger trends in the marketplace over the last year, we've found that the days on market has increased as the number of listings has increased, but the number of sales has inched down as we move into the holiday season. All things to be fully expected, and important for both Buyers and Sellers to be aware of when timing the purchases and sales of real estate.
Cherry Creek North
Maintenance Free Living in the Heart of Cherry Creek North- Move Right on into our Newest Listing! Priced at $1,250,000, this home has 3 beds, 4 baths and is 4,152 Sq. Ft.
Our market has experienced a steady transition in the last five months from a "Seller's Market" to a "Balanced Market." Because this trend is relatively new and is on the heels of a robust springtime "Seller's Market," it has taken some time for Seller's to grasp the notion that pricing is dynamically changing. We are in constant contact with our Sellers to systematically evaluate this fluid market. Pricing must be exact and routinely "tweaked." Perfect pricing has never been more important and it is well represented below. This image highlights the significant difference between being on target and being overpriced. As illustrated, pricing too high costs valuable time. Buyers are savvy and patient and they will overlook overpriced properties...that means more days on the market and stagnation. When listing your property, we will always offer you our professional guidance for appropriate pricing!
The Way We Were
A look back on the last 10 years of average sales price in Denver- a lot has changed as we continue to grow!