Denver real estate market update – December 2017
What’s going on in the Denver housing market as we see 2017 come to an end?
In November we saw several numbers drop including, homes sold, average sales price and inventory.
Let’s start with sales. In November 2017, 4,231 homes sold in the Denver area. That’s down 13.51% from October and down 8.14% from November 2016.
4,321 homes went under contract in November which is down 16.86% from October but up 5.26% from November of 2016.
Average sales price in the Denver area in November was $433,848, including both detached single family homes and condos/townhomes. This is down 1.53% from October but up 8.14% from November of 2016. Let’s break that average sales price down a bit. The average sales price for a single family detached home in November was $479,192. The average sales price for an attached home (condos/townhomes) was $324,599.
Selling a home in Denver? Average days on the market in the Denver area is currently at 40 days. Now this number can vary dramatically depending on your price range and neighborhood. So for an accurate idea of how long you can expect your home to sell, ask your Realtor or feel free to give me a call.
2017 is looking like it will turn out to be a record setting year for the most homes sold in a year within the Denver area. Be sure to check back next month when December numbers are in to find out if this record was obtained.
Planning to buy a new home in Denver soon? Why not start your home shopping now? December is a great month to shop for a home. Even though the housing inventory in Denver is low, there are less people shopping. That means you are less likely to find yourself in a competitive offer situation.
Also, in early 2018 home prices are likely to start rising pretty quickly. You can potentially save yourself thousands by starting your home search now.
Also, if you are shopping for a new built home, getting a home under contract before the new year will save you money without a doubt. Nearly all new home communities will have price increases in January. And many communities are running fabulous end of year promotions right now.
To start your home search contact Courtney Murphy today.