Denver Real Estate Market Update – December 2019
The big news in this month’s market update is inventory. November finished with just 6,988 properties on the Denver market. This was down 18.34 percent from October and down 7.2 percent from November of 2018.
Why is this news? November is the first month in 2019 with less inventory year over year. In fact, in the spring we were seeing inventory as high as 45 percent over the prior year. But we are once again in a spot where buyers are not seeing as many choices out there.
Why is this? Well, first of all new listings are down. Denver saw 3,651 new listings in November, which was down 32.7 percent from October and down 6.48 percent from November of 2018.
We have also seen many homes withdrawn from the market for the holidays. Although it is not unusual for a seller to take their home off the market and re list it in the January or February.
Although sales are down, they are quite as down as new listings. 3,935 homes sold in November. This was down 22.78 percent from October and down just 5.9 percent from last November.
Be sure to watch the video below for more detail on this month’s Denver real estate market update:
Average sales price in Denver for November came in at $490,874, this includes both detached single family homes and condos and town homes. This was up 1.43 percent from October. This is a bit unusual as typically average sales price goes down from October to November. And average sales price was also up year over year by 6.76 percent.
As we head into the new year and get past the holidays we should see many more listings come on the market, which will be a welcome relief for homebuyers.
Homebuyers, if you are out there shopping right now, be sure to take a look at new built homes. Builders are giving out some of the best incentives and home prices of the year right now! Those prices will be going up in January. Take advantage of those December deals!
And if you are planning to buy or sell in the Denver area contact Courtney Murphy. Courtney is a Denver metro Realtor with experience in both resale and new built home sales.