The Denver real estate market saw a pretty slow month in December this year. The sales were down 15.9% over last year's sales. The inventory has decreased which is fairly normal this time of year by 2.5%. The days on market have slowly been creeping up too from 31 days in November to 40 days in December. (In April DOM was only 20 days.) This still means it is a Seller's Market.
With the interest rate creeping up and troubles with the government shut-down, think the public is waiting to see what will happen in our market. The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw an increase in active listings (a decrease in NEW listings) and this month we have 50.4% more listings than we did this time in 2017. The under contract listings saw an increase over the month of December 2017 and sold properties saw a decrease from last year. With 40 days on market, this still indicates we are experiencing a Seller's market, but Seller's should remember to list a home properly, as those over priced homes will sit on the market. (this includes land, attached properties, single family homes and up to the mega million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
New Listings - 2,300 - down from 3,911 last month (in 2017 it was 3,666)
Under Contracts - 3,577 - down from 4,447 last month (in 2017 it was 4,859)
Sold Listings - 3,655 - down from 4,034 last month (in 2017 it was 4,794)
Days on Market - 40 days, up from 31 days last month (in 2017 it was 30 days)
Average Sold Price - $463,864 - up from $461,301 last month (in 2017 it was $432,816)
Percent of Sold Price to List Price - 98.7%, down from 98.7% last month
Buyers - inventory increased this month, giving Buyers more inventory now to view before making a final decision. There are times you even can think about a purchase overnight, and not "lose the bid". This time of year starts showing a bit of a slowdown due to the Holidays, rarely seeing multiple offers on any given home, depending on the price point. The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers at list price.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Here is a chart showing when the Sellers are getting closest to their list price. Depending on what time of year you list, pricing is strategic.
Denver’s unemployment rate has been slowly increasing and currently at 3.3% for December. Still very low comparing to the national average of 3.9% in December. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. We were in the running for Amazon coming to Denver, but in the end, did not win the bid. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. If our traffic issues would decrease, we could retain more of our residents. It can be quite frustrating.
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.