Happy New Year!
What’s Happening in the Denver Market?
With the new year comes a renewed interest in buying and selling. The month of December was a busy time for many people. Now, it’s back to work we go! The Denver real estate market followed suit and got ‘back to work’. New listings were up 77.5% over the month of December as 4,182 new listings come to market! Yes, you read that right. 77.5%! The number of homes sold was actually down 36.22%. This is merely a reflection of the October-December slow down and not a true market indicator. People are ready to buy and sell, and next month we will likely see these numbers continue to grow. Average sales price rose to $449,429, a 1.56% increase over December. The Denver real estate market continues to absorb homes as quickly as they come to market, keeping our inventory low at about 1.5 months.
How does this affect Buyers and Sellers?
For sellers, it’s the same song being sung month after month. In the Denver real estate market, if your home is in the right condition and priced correctly, you will have no issue getting it sold. Homes are consistently selling at or above listing price in very reasonable amounts of time. The average days on market did creep up a bit to 52. This number is skewed by condominiums, which are staying on the market significantly longer than single family homes. For a bit of perspective,consider the following: Average days on market for SFH: 44 Condo: 70. Bottom line: Denver remains a “seller’s market” and if you’re ready, now( and for the foreseeable future) is a great time to sell.
Buyers continue to gobble up new homes as quickly as they are coming to market. $300,000-$500,000 is king of the SOLDS with 1,342 of the 2,737 homes and condos sold falling into this price category. Bottom line: buyer demand is insatiable and if you’re looking to buy, make sure all of your ducks, giraffes, kittens, and dogs are in a row so that you are the strongest you can be when making an offer.
Where do we go from here?
Up! it is a new year and with it the RESET button has been pushed. Denver traditionally sees new listings, sold listings, and average sales price follow a steady up trend for the first 8 months of the year, so strap in. It’s going to be an exciting 2018! If you are thinking about buying or selling a home this year, NOW is a good time to start your journey!
For a more in depth look at the current state of the Denver real estate market, check out the graphic below, or simply give me a shout and I am happy to bend your ear about all the goings ons in the Denver marketplace.
If you ever have questions about anything real estate related, I am an email or phone call away from answering them. Use Rhoads as your go to real estate resource. We are here to help.