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|
|Pending / Under Contract||5,973||5,738||-3.9%||59,307||59,869||+0.9%|
|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.