Denver Real Estate Market Update – November 2018
For the last few months we have been seeing seasonal drops in average sales price in the Denver real estate market. In October 2017, we saw a bump up in average sales price. We saw the same this October with average sales price coming in at $471,321 an increase of 3.26 percent over September. And an increase of 7.21 percent over October 2017.
The movement in sales price of a detached home versus an attached home looked quite different in October so let’s break that down. The average sales price of a detached single family home came in at $526,092 a whopping increase of 4.9 percent over September. And an increase of 8.43 percent over October 2017. The average sales price of an attached home came in at $341,418, a decrease of 2.3 percent from September. And a 3.49 percent increase over October of 2017.
Inventory has also been increasing over the past few months. In fact, we have seen more homes on the market than we have in the past four years. However, this also saw some opposite movement in October. The month finished with 8,539 properties on the market, a decrease in inventory of 3.04 percent from September. However, this is an increase of 35.28 percent from October of 2017. Homebuyers are seeing many more choices than they were last year at this time.
New listings in October were up 12.77 percent over last October with 5,359 new properties listed. And the number of homes that went under contract, 4,628, was down 10.31 percent from last October.
So with inventory up and homes selling down, what does it all mean? It is no doubt still a seller’s market. But Denver’s real estate market has slowed down a bit. But I see no reason for panic. Denver has needed a bit of rebalancing. We can not sustain year over year increases over ten percent. This slow down is healthy for the Denver market. And what homeowner can complain about this month’s year over year increase in average sales price of 8.43 percent. That’s not too shabby!
If you are thinking of selling your home in the near future my advice to you is to wait until after the new year.
If you are planning to buy in the near future I wouldn’t wait long. Inventory is high right now. And there isn’t as much competition. The spring will bring new listings but it will also bring a whole new group of buyers into the market. Even more important is the fact that interest rates have been inching up. Shopping now could save you a bundle in the long term.
Planning to buy or sell your home in the Denver area contact Courtney Murphy today. Courtney is a Denver metro Realtor and long time resident of the area. Courtney has experience in both resale and new built home sales.
