How is the greater Denver area market doing? As a whole (single-family homes, townhouses, and condos) the market has seen Supply take another massive increase with Active Listings up 47% from last year and New Listings up just a tick at 8%. Additionally, Demand or Sold listings have gone down 11%. Support for future months is present with under contract numbers picking up around 11%, but not as much as one would like when considering the large increases in Supply. As forecasted in earlier reports the reduction in demand in terms of sales and yet another very large increase in supply shows that the price change for Q1 will not, in my opinion, increase. This opinion is also supported as this has been one of the lowest increase in the average sales price of .66% in years. Buyers should still be advised that we are still in a seller’s market with a 3.64 month supply of inventory, average days on market at 42 and list to sales price ratio of 99.04%. However, smart sellers will ensure to price their homes correctly and have an agent like yours truly market the home effectively to ensure you are not caught with too much surprise. For buyers, you are gaining leverage so the need to offer up significant concessions is not needed and do let the negotiations being.
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||February-19||Prior Month||Year Ago||Prior Month||Year Ago|
|Days on Market – Average||39||42||32||-7.14%||21.88%|
|Days on Market – Median||14||27||7||-48.15%||100%|
|Sold Price – Average||$463,197||$458,091||$460,149||1.11%||.66%|
|Sold Price – Median||$400,000||$395,000||$405,000||1.27%||-1.23%|
|Close Price/List Price||99.04%||98.57%||100.01%||0.48%||-0.97%|
For the individual areas within the North Metro Denver Area please see the links below.
Real estate market report Boulder February 2019
Real estate market report Erie February 2019
Real estate market report Lafayette February 2019
Real estate market report Longmont February 2019
Real estate market report Louisville February 2019
Real estate market report Superior February 2019
Real estate market report Westminster February 2019