Denver Real Estate Market Update – January 2019
In December the average sales price of a single family detached home in Denver came in at $508,016. This was up 1.01 percent over November and up 4.5 percent over December 2017.
The average sales price of a detached home, condo or town home, came in at $350,176. This was down 1.88 percent from November and up 2.57 percent over December 2017.
3,396 homes sold in December which was down 17.79 percent from November and down 22.96 percent from December of 2017. 3,226 homes went under contract in December, which was down 14.88 percent from November but up 6.86 percent over December of 2017.
Inventory tighten in December with the month ending with 5,577 homes on the market. This was down 25.94 percent from November but up 44.71 percent over December 2017.
Average days on the market in December came in at 39 days. And median days came in at 24. This is the first time in a long time I have seen median days at over three weeks. However I would expect the days on the market to decrease as we enter the new year.
In 2017 we had a record year for home sales in the Denver area. So how did 2018 compare? In 2018 we sold 55,987 homes in the Denver area. In 2017 59,258 homes sold. So 3,271 more homes were sold in 2017. However, the sales volume in 2018 came in higher at 26.5 billion compared to 25.9 billion in 2017. This is because of the higher sales prices in 2018. It will definitely be interesting to see how 2019 compares. My prediction is that both number of sales and sales volume will drop a bit with a slower more balanced market in 2019.
If you are planning to buy or sell a home in 2019 contact Courtney Murphy. Courtney is a Denver metro Realtor with experience in both resale and new built home sales.