What’s Happening in the Denver Market?
The Holiday season is in full effect! Virtually every year, we see a significant drop off in new listings as well as homes sold during the month of December. This is due, in large part, to two major factors:
- It’s the Holidays and many people are spending time with loved ones and trying to squeeze in work at the same time
- It’s winter! Cold weather and dark days tend to have a very real effect on the Denver real estate market
Denver saw it’s number of new listings drop a whopping 35.62% to 2,353. The market also saw the total number of homes drop 17.o7% to 3,900 as well as average days on market creep up 17.07% to 48. While these percentages FEEL huge, this is complete normal. To put it in perspective, the average sales price actually rose 2.67% to $443,753. Winter is in full effect! This won’t last long. Come January, when the holidays are over and people shift to 2018, these numbers will likely increase.
Great news! Denver set an all time record for total number of homes sold with 57,788 homes being sold to new owners! Congratulations Denver!
How does this effect Buyers and Sellers?
It is a great time to sell! While it may seem stressful to have your home on the market during the holidays, it is prime season to maximize your return on your investment! There are significantly less homes on the market, making those that are more attractive to potential buyers!
It is also a great time to buy! While the inventory is still low and demand is still high, many buyers take a break during the holidays. Other things to do, spending time with family and friends, and vacation time all lead to less competition on the buy side as well. If you’re in the market, stay in it. You may just find that you get into your dream home sooner than you thought. Is a new home the best possible gift to receive this holiday season? Yes!
Where do we go from here?
This time period is generally the lowest in terms of active homes and homes sold for the Denver real estate market. When the calendar turns to 2018, the market will immediately begin to pick up pace. So if you’re thinking of buying or selling, now is a good time to begin 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.