Good news for buyers in the Mile High City: According to a recent analysis from Zillow, with the exception of California’s biggest cities, no other housing market is cooling as quickly this year
2018 Brought Many Ups And Downs To Denvers Real Estate Scene
2018 proved to be full of ups and downs for Denver’s housing market. According to the recent trends report from the Denver Metro Association of Realtors (DMAR), home sales in metro Denver - measured across the entire year - fell 5.5 percent in 2018 versus 2017, and came in at their lowest volume since 2014. However, higher home prices allowed the market to hit a record sales volume of $26.5 billion, which is 2.36 percent above the volume sold in 2017.
Other report highlights include:
Home and condo sales in metro Denver dropped 17.8 percent in December from November to 3,396.
Comparing December 2018 with December 2017, home sales are down by 23 percent.
There were 5,577 unsold homes on the market in December, up 44.7 percent from the record low set a year earlier. However, compared with November the inventory was down 25.9 percent, as sellers took listings off the market for the holidays.
Single-family listings spent 41 days on the market on average, while condo listings spent 35 days, compared with 37 days and 32 days a year earlier.
Though we saw inventory numbers increase and time on the market increase, home prices continued to rise. According to the numbers from DMAR, the average price of a single-family home sold in metro Denver - measured across the entire year - was $522,839, up 8.05 percent from 2017. The average price of a condo sold increased 9.82 percent to $351,677.
Several factors will continue to impact the state of Colorado’s real estate market including interest rates and the partial government shut down. Still, if you’re looking to become a homeowner in the metro area, now could be a good time to check out what’s available.
Despite affordability issues, there are still some great deals to be found if you know where to look. Contact Metrowest today – we’d love to show you around!