According to January numbers it looks like the Denver Real Estate Market is as hot as ever. In fact, inventory seems to be more of an issue.
In December Denver saw it’s lowest inventory on record. And although inventory went up in January, January 2018 had the lowest inventory for any January on record.
There were 4,182 new listings in January. And 4,085 homes went under contract in January. As you can see, nearly as many homes went under contract as new listings. We need to see more new listings then homes under contract to see some relief in inventory.
I see 2018 as being another crazy year in real estate for Denver. In 2017 we had a record breaking year for highest sales volume. In 2017 we also saw the market heat up fast in the late winter/early spring. This year feels even busier. As soon as the new year hit, I started to get busy, real busy. And in talking to other Realtor friends, they have felt the same way. 2018 is taking off like a rocket in the Denver Real Estate Market.
2018 may just be another record breaking year. Zillow has Denver at #7 for their top ten hottest markets in 2018. And Denver still has a major influx of people moving to the area. Experts say that it could take up to 10 years to correct the inventory balance. So, I don’t see home prices cooling too much any time soon.
In January the average home sales price was $449,429. That’s up 1.56% from December and up 11.84% from January 2017. The average price for a detached home in January was $490,932 and $354,613 for an attached home. (condos/townhomes)
Let’s also take a look at the median sales price. The median price for a detached home in January was $416,000 and $285,000 for an attached home.
If you are planning to sell your home this year, the Denver real estate market is still in your favor. If your thinking about buying a home you may feel tempted to hold off. I would advise against waiting to buy. Prices are still going up and waiting will most likely just cost you money. Besides the rising home prices you also need to consider the fact that interest rates have been rising as well.
If you are planning buy or sell a home in Denver contact Courtney Murphy. Courtney Murphy is a Denver metro Realtor serving Aurora, Castle Rock, Centennial, Highlands Ranch, Littleton, Parker and beyond.