Metro Denver Real Estate Market Update for February 2018
February 28, 2018 | Bob Bandy
Despite a dip in sales year-over-year, January 2018 data showed a very active month for the Greater Metro Denver housing market. Over 4,000 homes went under contract – a 34% increase from last month and 9% higher than this time last year.

With the market picking up from the typical year-end slow-down, January 2018 showed a strong start in Denver’s housing market. New listings, homes under contract, and average sold price for single family homes were all up year-over-year. While weeks-of-inventory remained unchanged from last year, the low number hints at the challenge of limited inventory for home buyers in Colorado.

Low Inventory and a Fast-Paced Housing Market
Home buyers must be strategic in a strong seller’s market. The threat of “low inventory” continues to be a challenge. Low inventory is determined by the number of active listings  and is a snapshot taken at a specific point in time. January ended with 3,939 active listings of home for sale.

That doesn’t mean there are no homes for sale. There were 4,200 new listings in January, 10% higher than this time last year, so there are homes for sale. The inventory is out there, but it is moving quickly. A home for sale can go on the market and off again in a matter of days, once the new listing goes under contract.

Don’t Panic! Beating Low Inventory
In order to succeed in a fast-paced market, home buyers need to be prepared to act quickly. By connecting with an experienced REALTOR early in the home search process, home buyers can be set up for success. Be the first to know when a new home hits the market with saved searches and property alerts, and be ready to make a competitive offer quickly by getting a preapproval from a lender. I can help with both of these things to increase your odds of success.

For more information and advice, read the articles below:
Beat Low Inventory — Check your Email!
Beat Low Inventory — Be Ready to Act Fast!
Selling your Home in a Fast-Paced Market

Market Stats:

Home Sales
During the month of January, home sales saw a year-over-year decrease of 9%. Throughout the month, 2,935 homes sold, down 32% from December.
Although there was a dip in sales, January was a very active month, with 4,060 homes going under contract, a 34% increase from December 2017, and 9% higher than this time last year.

Home Sales Year-Over-Year Change
January 2017 -- 3,237
January 2019 -- 2,935

Sold Prices
The average price of a single family home reached $447,487 in January, a year-over-year increase of 11% and 1% higher than last month.
As compared to last year, the average sold price of a condo/townhome was up 20%, while single-family detached home prices were up 10% .
On average, sellers received 99% of their asking price in January.

Sold Prices Year-Over-Year Change
January 2017 -- $401,961
January 2018 -- $447,487

New and Active Listings
As compared to last year at this time, the number of new listings that were brought to the market increased 10%. New listings of condos/ townhomes were up 9% over last year, while there was an increase of 11% in single family detached homes.
But high demand from buyers kept inventory in check across the Greater Denver Metro area in January. The month ended with 3,939 active listings of homes for sale, up 3% from last month, but down 15% year over year.

New Listings Year-Over-Year Change
January 2017 -- 3,809
January 2018 -- 4,200

Average Days on Market
On average, homes spent 53 days on the market in January, 8 days longer than January 2017 and 4 days more than last month.
In January, condos/townhomes sold in an average of 69 days, while single-family detached homes sold in an average of 45 days. Homes priced in the $200-300,000 range sold the quickest, in just 23 days.
Median Days on Market was 2 days less than in January 2017, at 13 days.

Days on Market Year-Over-Year Change
January 2017 -- 45 days
January 2018 -- 53 days
8 days

The Greater Denver Metro Market by Price Range
Demand was strong across all price ranges in January, with 68% of new listings that came on the market resulting in a sale. The market saw the most activity from homes priced in the $300,000 to $400,000, with 26% of new listings coming on the market and 29% of sales taking place in this range.
If you are considering buying or selling a home in the Denver area, contact me to find out if now is the time to buy or sell your Denver metro home based on your circumstances.  I have the local knowledge and market expertise to help you navigate this housing market.
If you have any real estate questions, feel free to contact your Parker real estate experts, The Bandy Team! Let us show you some great homes in Parker, including real estate in Canterberry, properties in The Pinery, or homes in Stonegate.

We are here to help you find your dream home and will guide you every step of the way!

Thinking of  Selling a home?  Get an automated Denver home value report here.

Thinking of  Buying a home?   Search all metro Denver homes for sale here. 

And just a reminder that our business is based on referrals. If you know anyone that might benefit from our high level service, whether home buyers or sellers, please let me know. I promise to take excellent care of them!

Until next time,

Marianne Bandy, Team Leader
The Bandy Team - EXP Realty - Denver Real Estate & Homes 
Check out Bandy Team Reviews on Zillow


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