The Denver real estate market usually sees a decrease in activity during the Holidays, but this year was a tad different. There still was a decrease in inventory this month (very seasonal), and the days on market increased slightly from 35 to 41 days. The sales increased a whopping 17.6% over last year's sales, and up over last month's sales also. The total inventory has decreased, which is normal this time of year. The number of homes that went under contract decreased from last month.
The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw a decrease in active listings, and we have 12.9% fewer new listings than we did this time in 2018. The under contract listings saw an increase (8.6%) over the same month 2018, yet a decrease from November 2019. Sold properties saw a significant increase from last year. With 41 days on market, this still indicates we are experiencing a Seller's market, and seems to creep up a bit each month. (December 2018 we saw only 40 days on market) Sellers 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
Stats for the Month of December 2019
New Listings - 2,560 - down from 3,653 last month (in 2018 it was 2,302)
Under Contracts - 3,885 - down from 4,880 last month (in 2018 it was 3,577)
Sold Listings - 4,459 - up from 4,176 last month (in 2018 it was 3,791)
Days on Market - 41 days - up from 35 days last month (in 2018 it was 40 days)
Average Sold Price - $484,142 - down from $486,863 last month (in 2018 it was $462,070)
Percent of Sold Price to List Price - 98.8%, same from 98.8% last month
Buyers - Once the Holidays are over, we usually see homeowners preparing their homes for the market. This time of year we still don't see a flurry of new listings, but more than December. Even still Buyers have the chance to view more listings that match their criteria and not have pressure to write the instant they see a home before making a final decision. We are seeing homes in the lower price points going quickly.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition. 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.
Denver’s unemployment latest rate is 2.4% for November. Nice to see this rate so low compared to the national average of 3.5% 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 expects 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. Lockhead Martin announced they are hiring many more employees. See who else is adding employees. 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. I recently got a first-time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first-responders a fabulous deal!
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.