How is the greater Denver area market doing? As a whole, single-family homes, townhouses, and condos, the market has seen Supply take a massive double-digit increase with Active Listings up 44.71% from last year, but down 25.94% since last month, which is seasonal and to is expected. Additionally, Demand or Sold listings have gone down 22.96% from last year and 17.79% from last month. This reduction in demand was almost the same as last months report. With last years numbers down this much, we can infer this is not a seasonal adjustment but rather a market one.
Even with the large increase in Supply and decrease in Demand the Median and Average sales prices are still up over last year to 4.7% and 1.1% respectively. Moreover, correctly priced and marketed homes sell in around 39 days within 98.63% of list price.
In conclusion, we are still in a seller’s market with only a 2 months supply of active inventory, but warning signs are clear that the market is cooling off, more than just seasonal conditions. Sellers must be wise and know from the increase in new listings and decreasing sales numbers that the correct marketing plan and pricing strategy is key to a successful home sale. For buyers, you are gaining leverage so the need to offer up significant concessions may not be needed.
For the complete report, details click here!
|Total Market Overview Report||Key metrics by report month and for year-to-date (YTD) starting from the first of the year.|
|Key Metrics||December-18||Prior Month||Year Ago||Prior Month||Year Ago|
|Days on Market – Average||39||32||36||21.88%||8.33%|
|Days on Market – Median||24||18||15||33.33%||60.00%|
|Sold Price – Average||$465,163||$460,075||$444,299||1.11%||4.70%|
|Sold Price – Median||$400,000||$395,000||$385,000||1.27%||3.90%|
|Close Price/List Price||98.63%||98.69%||99.10%||-0.06%||-0.47%|
For the individual areas within the North Metro Denver Area please see the links below.