October 2018 Real Estate Market Report

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How is the greater Denver area market doing? As a whole, single-family homes, townhouses, and condos, the market has seen supply levels jump to double-digit increases continued increases at 17.2% but, overall inventory up just a tick at 3.1%.  Mind you last month it was down about 3% so really about a 6% increase from last month. Demand levels are also slowing with Pending sales down 3.9% and Sold listings also down 8.6%, which is starting to be a continuing trend for the last couple of months.

Even with the increase in Supply and decrease in Demand the Median and Average sales prices are still up over last year to 6.3% and 7.7%.  Additionally currently correctly priced and marketed homes sell in around 33 days within 98.8% of list price.

In conclusion, we are still in a seller’s market with only 2.1 months supply of 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, rise in interest rates 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 October-17 October-18 % Change YTD-2017 YTD-2018 % Change
New Listings 5,663 6,639 +17.2% 70,234 74,229 +5.6%
Pending / Under Contract 5,973 5,738 -3.9% 59,307 59,869 +0.9%
Sold Listings 5,928 5,416 -8.6% 56,898 57,540 +1.1%
Median Sales Price $371,000 $394,500 +6.3% $371,000 $400,000 +7.8%
Average Sales Price $429,968 $462,930 +7.7% $426,674 $462,815 +8.5%
Percent of List Price Received 99.2% 98.8% -0.4% 99.9% 99.9% +0.0%
Days on Market Until Sale 30 33 +10.0% 28 27 -3.6%
Housing Affordability Index 96 78 -18.8% 96 77 -19.8%
Inventory of Active Listings 11,716 12,077 +3.1%
Months Supply of Inventory 2.1 2.1 0.0%

For the individual areas within the North Metro Denver Area please see the links below.

Real estate market report Arvada October 2018

Real estate market report Boulder October  2018

Real estate market report Broomfield October  2018

Real estate market report Brighton October 2018

Real estate market report Erie October  2018

Real estate market report Lafayette October  2018

Real estate market report Longmont October  2018

Real estate market report Louisville October  2018

Real estate market report Firestone October  2018

Real estate market report Frederick October  2018

Real estate market report Superior October  2018

Real estate market report Thornton October  2018

Real estate market report Northglenn October  2018

Real estate market report Westminster October  2018

 

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