Barry Kunselman | 303.887.0588 | Contact Barry
DENVER HOME SALES IN DECEMBER 2019
The highest-priced single-family home that sold in December was the highest-priced home sale historically on record in metro Denver at $11,625,000, representing six bedrooms, 11 bathrooms and 15,473 above ground square feet in Englewood.
The highest-priced condo sale in December was $2,250,000 representing four bedrooms, four bathrooms and 3,152 above ground square feet in Denver. In 2019, condos spent an average of 12 fewer days on the market compared to that of single-family homes, though the average sales prices were close.
YEAR-END REVIEW
The latest year-end Denver Metro housing market statistics from REcolorado show buyer demand was strong in 2019. Sales were 4 percent higher compared to 2018 and just 1 percent lower than the 10-year peak we saw in 2017. Home prices continued to increase, but at a more modest rate than we’ve seen in previous years. At year-end, the average sold price of a home in the Denver Metro area was $486,595. As compared in 2018, we saw 4 percent more new listings of homes for sale, giving buyers more options.
The Denver Metro housing market has experienced highs and lows over the last 30 years. The early 2000s gave us fast and loose lending practices that burst our housing bubble and made short sales a common thing. Think of that period as a forest that had too much undergrowth that then experienced several years of drought. The market burned down. With all that bad came some good as we were left with a healthier and more sustainable housing market.
While the numbers listed above represent the market, it may feel differently depending on which part of the city you are in. I'd be happy to compile the neighborhoods you're interested in learning about and email the numbers to you. Accompanying the statistics for each specific neighborhood is a detailed description of the area so you can see if that neighborhood sounds right for you. Let me know which neighborhoods you'd like and I'll gladly send them to you right away.
WHAT CAN WE EXPECT IN DECEMBER?
The answer to that may be swayed by our weather in December. More storms and very cold temperatures will slow things down as usually happens at this time of year.
Homebuyers
It's a certainty that while buyers will be out doing holiday shopping they will also be out house shopping. Buyers will enjoy some of the least competitive weeks to make a purchase during the holiday weekends which increases their negotiating power. Mortgage rates are still hovering near all-time lows. Low-interest rates allow a buyer to maximize their purchase potential and ultimately make the cost of homeownership more affordable. It helps investors to maintain lower costs and better potential cash flow.
Is it a good time to sell?
Low inventory keeps Denver in a strong seller's market. This is a good time of year to sell because buyers remain hungry for inventory and the dream of homeownership is on many people's wish list this December. If you're not up for putting your home on the market over the holidays, use your extra time off to get your home ready to hit the market at the beginning of 2020.
GET IN TOUCH
It's my job to help you and all of my clients make smart housing decisions. The stats are a phenomenal indicator of the market, but they're just the start. I'm happy to share my expertise to tell you the stories behind the numbers.
If you need to discuss the numbers above please don't hesitate to call/text 303.887.0588 or email me at barry@porchlightgroup.com!
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