The Denver Real Estate Market Update - December 2018

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

 

 

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.

 

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House to Home, Inc.House to Home

GRI, CRS, CNE, e-Pro  

Broker/Owner

Joan@JoanCox.com

720-231-6373

 

Denver Real Estate

Homes for Sale in Denver

Neighborhoods in Denver

 
  A Denver Metropolitan Realtor

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Show All Comments
Rainmaker
3,303,753
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Joan - I imagine that the census is so large that an overview of the Denver CO area real estate market provides an good overview of the area's trends. For more in-depth information contacting you will lead to important insight. 

Jan 16, 2019 06:30 PM #1
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Jan 17, 2019 03:11 AM #2
Rainmaker
4,797,014
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Joan.  Thanks for keeping us updated about the Denver real estate market.

Jan 17, 2019 04:49 AM #3
Rainmaker
3,056,278
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Joan... the Dener market is certainly tracking the Charlotte market in certain ways... our sales were down last month by 14%. Our DOM are not too far off with ours at 50 days, but we had that same number in December of last year. But as for new listings, ours are down 4.4%.

Jan 17, 2019 05:52 AM #4
Rainmaker
5,345,554
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families moving to the area will appreciate your local market reports.

Jan 17, 2019 06:35 AM #5
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael Jacobs Denver is a very large area for sharing data, and definitely when you drill down into neighborhoods, it changes from one side of the City to the other.

Jan 17, 2019 02:51 PM #6
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thank you so much Gita!

Jan 17, 2019 02:51 PM #7
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gabe, thank you so much for stopping by.

Jan 17, 2019 02:51 PM #8
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, we are very similar, except for the listings! 

Jan 17, 2019 02:52 PM #9
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thank you so much Roy! 

Jan 17, 2019 02:52 PM #10
Rainmaker
732,603
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Buyers in New York also now have some time to think things over, while the property that is priced well still selling in steady pace. 

Jan 17, 2019 04:39 PM #11
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eileen Hsu hey there my friend, nice to see you!  Hope you and Morgan are doing well!  

Jan 18, 2019 07:39 AM #12
Rainmaker
1,476,813
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Nice report.  Unfortunately, with progress and development we get congestion and lack of affordability.  Oh well, it's all good for business.

Jan 18, 2019 05:25 PM #13
Rainmaker
4,064,568
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Georgie, we definitely have lack of affordability too, it is high on the list for 2019.

Jan 19, 2019 06:09 AM #14
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Rainmaker
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Joan Cox

Denver Real Estate - Selling One Home at a Time
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