How is the greater Denver Area market doing? As a whole, single-family homes, townhouses, and condos, the market has seen supply levels show the largest jump this year (new listings) from last year to 7.9%, but, overall inventory is still down 9.5%. Demand has been steady with a moderate increase with Pending up 3.7% but Sold’s down just 2.7%. These factors have contributed to the increase in median and average sales prices at 6.7% and 9.3%. If you are looking to sell and are priced correctly, figure the average days on market to be around 25 (unchanged since last year) and can expect to receive on average 99.5%, down just .3%. In conclusion, we are still in a seller’s market but the first winds of change are starting to appear; from the increase in new listings, and the rise in interest rates, sellers should pay attention and buyers can be wise as prices might be starting to fall but waiting could also hurt if interest rates continue to rise.
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|Total Market Overview Report||Key metrics by report month and for year-to-date (YTD) starting from the first of the year.|
|Key Metrics||August-17||August-18||% Change||YTD-2017||YTD-2018||% Change|
|Pending / Under Contract||6,325||6,560||+3.7%||47,649||49,249||+3.4%|
|Median Sales Price||$375,000||$400,000||+6.7%||$371,645||$400,000||+7.6%|
|Average Sales Price||$426,525||$466,264||+9.3%||$427,049||$464,623||+8.8%|
|Percent of List Price Received||99.8%||99.5%||-0.3%||100.1%||100.1%||+0.0%|
|Days on Market Until Sale||25||25||0.0%||27||27||0.0%|
|Housing Affordability Index||97||84||-13.4%||98||84||-14.3%|
|Inventory of Active Listings||13,022||11,782||-9.5%||—||—||—|
|Months Supply of Inventory||2.3||2.0||-13.0%||—||—||—|
For the individual areas within the North Metro Denver Area please see the links below.