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Metro Denver Real Estate Market Update – January 2018
January 30, 2018 | Bob Bandy
2017 Ends with Typical Housing Market Slowdown
The latest data from REcolorado shows the housing market following typical patterns at the end of the year across the Greater Denver Metro Area. 35% fewer new homes for sale came on the market in December as thoughts turned to the holiday season. December saw fewer new listings, fewer home sales, and fewer weeks of inventory compared to this time last year. Average sold price is still rising, as is average days on market.
Home Sales In December, 3,926 homes sold in the Greater Denver Metro area, a decrease of 17% compared to last month and 13% less than December 2016. As compared to last year, sales of single-family detached homes decreased 12% and sales of condos/townhomes decreased 14%. Home sales typically moderate in December as home shoppers focus on the holidays. Home Sales Monthly Change December 2017 -- 3,926 November 2017 -- 4,703 -17% Average Sold Prices The price of a Denver home saw a slight month-over-month increase. In December, the average price of a single family home was $443,378, up 2% from last month, and 12% higher than last year at this time. The average price of a single family detached home is up 12% year over year, and the average sold price of a condo/townhome is 11% higher than this time last year. Average Sold Prices Monthly Change December 2017 -- $443,378 November 2017 -- $395,013 +2% New and Active Listings It is typical for the number of new home listings to fall 25 to 35% in December as thoughts turn to the holiday season. In December, 2,381 new listings came on the market, a seasonal 35% month-over-month decrease and 4% lower than last year
at this time. The month ended with 3,838 active listings of homes for sale, 6% lower than November levels.
Active Listings Monthly Change December 2017 -- 3,838
November 2017 -- 4,090
New Listings Monthly Change December 2017 -- 2,381
November 2017 -- 3,666
Average Days on Market by County On average, homes spent 49 days on the market in December, 8 days longer than this time last month and 4 days longer than this time last year. The median amount of time a home spent on the market was unchanged from last year, at 16 days. Homes sold the quickest in Arapahoe and Clear Creek Counties. Days on Market Monthly Change December 2017 -- 49 days November 2017 -- 41 days + 8 days The Greater Denver Metro Market by Price Range: In December, homes priced $300,000 to $400,000 had the greatest number of sales. In every price range except the $1M and above, sales are outpacing the number of new listings that are coming on the market, which is leading to the shortage of inventory. Inventory is moving the quickest in the $200,000 - $400,000 price range, with days on market below 30 days.
Seller’s Market in 2018 The Denver Metro Area is still a seller’s market at the start of 2018. Fewer homes for sale, with only 4 weeks of inventory ending December, give an advantage to the seller. If you want your home to be market ready in time for selling season, give me a call, text or email to determine what work should be done now and what should not be done at all. The start of a new year is a perfect time to tackle some of the home projects you’ve been putting off. For more advice, read Things to do NOW if you’re Planning on Selling Your Home this Year.
Buying a Home in Colorado this Year Year-over-year home prices continue to be on the rise. The average sold price for a single family home in Denver Metro this December was $443,378 – 12% higher than December 2016 ($395,013). While average days on market is going up (8 days more than last month), weeks of inventory is going down. The Denver housing market is still moving at a fast pace, especially at lower price points with higher competition. Seasonal trends predict that the housing market will begin picking up again as we get further into 2018. If you’re considering buying a home in Colorado this year, the first thing you should do is contact me to setup a no obligation consultation.