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 43% from last year. Additionally, Demand or Sold listings have gone down 11% from last year and 30% from last month. Support for future months is present with under contract numbers picking up with last months number up 32% and year to year up 9%. This being said 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 1.57% in years.
Mind you, chicken little is not clucking as we are still in a seller’s market with a 3.84 month supply of inventory (up 1.5 months), average days on market at 43 and list to sales price ratio of 98.5%.
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||January-19||Prior Month||Year Ago||Prior Month||Year Ago|
|Days on Market – Average||43||42||37||2.38%||16.22%|
|Days on Market – Median||28||26||13||7.69%||115.38%|
|Sold Price – Average||$500,683||$505,320||$492,935||-0.92%||1.57%|
|Sold Price – Median||$425,000||$430,000||$418,000||-1.16%||1.67%|
|Close Price/List Price||98.53%||98.56%||99.30%||-0.03%||-0.78%|
For the individual areas within the North Metro Denver Area please see the links below.