How is the greater Denver Area market doing? As a whole, single-family homes, townhouses, and condos, the market has seen supply levels show continued increases with this month 5.7% higher but, overall inventory is still down 8.3%. Demand has been steady with a moderate improvement with Pending sales up .5%, but the most significant stat that the market is cooling was the double-digit decrease in Sold listings at 12.1%. Even with the double-digit decline in sold listings the Median and Average sales prices are still up over last year to 5.8% and 6.8%. Currently correctly priced and marketed homes sell in around 29 days within 99.5% of list price.
In conclusion, we are still in a seller’s market 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||September-17||September-18||% Change||YTD-2017||YTD-2018||% Change|
|Pending / Under Contract||5,685||5,715||+0.5%||53,339||54,562||+2.3%|
|Median Sales Price||$368,500||$390,000||+5.8%||$371,000||$400,000||+7.8%|
|Average Sales Price||$420,313||$448,842||+6.8%||$426,265||$462,831||+8.6%|
|Percent of List Price Received||99.5%||99.1%||-0.4%||100.0%||100.0%||+0.0%|
|Days on Market Until Sale||29||28||-3.4%||27||27||0.0%|
|Housing Affordability Index||99||84||-15.2%||98||82||-16.3%|
|Inventory of Active Listings||13,155||12,380||-5.9%||—||—||—|
|Months Supply of Inventory||2.4||2.2||-8.3%||—||—||—|
For the individual areas within the North Metro Denver Area please see the links below.