Housing Market Slowing for Holiday Season
The latest data from REcolorado shows the housing market slowing down across the Greater Denver Metro Area in November. Fewer homes for sale came on the market as the holiday season and end of the year approached.
See a video summary of these Market Stats
In November, 4,035 homes sold in the Greater Denver Metro area, a seasonal decrease of 14% compared to last month and 8% less than November 2016. As compared to last year, sales of single-family detached homes decreased 9% and sales of condos/townhomes
decreased 4%. Home sales typically take a break in November as the holiday season draws near. November 2017 saw 14% fewer new listings than October 2017, but only 1% fewer new listings than November of last year.
Home Sales Monthly Change:
November 2017 -- 4,035
October 2017 -- 4,676
The price of a Denver home saw a slight month-over-month decrease. In November, 4,035 the average price of a single family home was $429,006, down 1% from last month, but 9% higher than last year at this time. The average price of a single family
detached home is up 9% year-over-year, and the average sold price of a condo/townhome is 11% higher than this time last year.
Sold Prices Monthly Change:
November 2017 -- $429,006
October 2017 -- $434,706
New and Active Listings
The number of home listings typically drops off in November, as the weather cools and thoughts turn to preparing for the holiday season. In November, 3,367 new listings came on the market, a typical slowing of 24% compared to October and 1%
lower than last year at this time. The month ended with 4,090 active listings of homes for sale, 24% lower than October levels.
Active Listings Monthly Change:
ovember 2017 -- 4,090
October 2017 -- 5,283
New Listings Monthly Change:
November 2017 -- 3,367
October 2017 -- 4,414
Average Days on Market
On average, homes spent 32 days on the market in November, 2 days longer than both this time last month and this time last year. The median amount of time a home spent on the market was unchanged from last year, at 13 days. Homes sold
the quickest in Adams and Arapahoe Counties, where average sale prices were in the $300,000 range.
Days on Market Monthly Change:
November 2017 -- 32 days
October 2017 -- 30 days
+ 2 days
The Greater Denver Metro Market by Price Range
In November, nearly half of all sales took place in the $300-500,000 price range. Just 5 years ago, this price range comprised only 21% of November sales. The $300-500,000 price range also saw the most new listings come on the market.
Homes in the $150-300,000 price range spent the least amount of time on the market.
Buying a Home this Winter
Fewer homes for sale across Colorado means there is a limited inventory for people wanting to buy a home this winter. The Denver Metro Area had only 4,090 active homes for sale on the market at the end of November, down from 5,283
at the end of October. Because the housing market continues to slow down during the holiday season, home buyers can expect a similar trend into January.
The slowing pace of the housing market also means that homes spent longer on the market. Homes for sale spent an average of 32 days on the market in November, 2 days more than November 2016. But home sales still move quickly in Colorado,
especially in price ranges with high demand. Homes in the $150-300,000 price range spent the least amount of time on the market.
Selling a Home this Winter
Home sellers in Adams and Arapahoe counties can benefit from higher competition. The average sale prices in these counties are in the $300,000 range, with a lower average of 24.5 days on the market.
While the housing market is slowing down, home sellers still have the advantage of a limited inventory and strong average sold prices. The average sold price of a home in the Greater Denver Metro Area was down 1% from last month at
Should you wait to buy or sell your Colorado home next year?
To answer this question, the first thing you should do is connect with me. The Colorado housing market experiences predictable seasonality, with lower home sales during the winter and the market picking up again in the early spring.
I can help you understand local housing market trends, looking specifically at the neighborhoods where you are hoping to buy a home.
As a local expert, I can answer your questions about real estate in Colorado, including steps you can take now to prepare for buying or selling a home next year.
View or Download the REcolorado Denver Metro Market Watch InfoGraphic for November 2017
Thinking of Selling your home? Get an automated Denver home value report here
Thinking of Buying a home? Search all metro Denver homes for sale here.
If you have any real estate questions, feel free to contact your Parker real estate experts, The Bandy Team
! Let us show you homes in Parker
including real estate in Meridian Village
, properties in The Pinery
or luxury homes in Pradera
We are here to help you find your dream home and will guide you every step of the way!
Until next time,
Marianne Bandy, Team Leader
The Bandy Team
- EXP Realty
DenverHomeSearcher.com - Denver Real Estate & Homes
Check out Bandy Team Reviews on Zillow