Denver Real Estate Market Update – January 2018
Two words can describe the Denver real estate market in 2017: record breaking! In 2017 the record for highest average and median home prices was broken. Average home prices in 2017 hit their high in June with the average price of a home hitting $454,547, this number includes both single family detached homes and condos and townhomes. Let’s break that down a bit. In June the average sales price for a single family detached home reached $498,762. And condos and townhomes averaged $333,800.
June was the high in home prices for the year and prices took a seasonal drop thereafter. In December the average sales price came in at $443,753. ($484,596 for a single family detached home and $342,754 for condos/townhomes)
2017 also broke the record for highest sales volume in residential real estate in the Denver area.
And Denver couldn’t leave 2017 without setting just one more record. The year closed with the lowest number of homes on the market ever. So, we head into 2018 with the same problem we’ve had for years: low inventory.
Hopefully we see a rush of new homes enter the market as we come into the new year. Homebuyers are waiting for it!
I don’t see too much of a slowdown in 2018. Inventory is low and Colorado is still seeing significant growth in it’s population. Colorado is still on the top ten list of states with the highest inbound moves. And builders are still unable to keep up with demand.
If you are planning to buy or sell a home in 2018 contact Courtney Murphy for all of your real estate needs. Courtney is a Denver metro Realtor and would love to help you find the home of your dreams!