Barry Kunselman | 303.887.0588 | Contact Barry
January 2019 Denver Metro Real Estate Statistics Highlights
- It is typical to see home prices flat from December to January, this year average price came in at $493,805 a 0% change, but median price reported a slight seasonal dip to $423,000-down by $2,000.
- Days on market were up to 42 average days to contract, or 28 median days to contract. Both metrics are at their highest since 2014. In the past, it was not uncommon for homes over $1,000,000 to spend a year or more on the market. As of 2018 days on market have been 4-6 months, more at higher price points.
- Close to list price ratio continued to drop into January, down to 97.6%. Original to sold price ratio also continued to trend down to 97.6% but still showing signs of price reductions in the slower season.
- Flash sales, or units under contract in the first weekend are down to 26.9%, this measurement picked up early in 2019, by spring we could be seeing as high as 55-60%
Great opportunities await for both buyers and sellers before the market takes off in the spring.
ADVICE TO SELLERS
Thinking of selling your house this year? Denver is expecting another Extreme Seller’s Market. The market is likely to favor those sellers who are ready to take advantage of early buyer activity. Waiting until the spring to list your home means you will have the greatest competition amongst buyers. Beat the rush of housing inventory that will enter the market and list your home today! Sellers late to the market in the summer months are more likely to spend longer on the market, make price reductions and sell at lower prices than spring sellers.
ADVICE TO BUYERS
The market typically pics up again in February. The toughest months for buyers is likely to be from March through May. Buyers are most likely to have negotiating power in the mid-summer-fall. Things to consider:
- Homes under $200,000 dropped from 50% of our inventory down to 4% of the overall market in 2018. The bulk of properties in Metro Denver, 77% are represented by the $200,000-600,000 price range.
- The Months Supply of inventory is half the amount it was as Metro Denver slid into the Great Recession. At it’s worst the market had anywhere from 40-115 homes per buyer looking. 2018’s Market balance still trends towards the seller’s advantage.
PorchLight Real Estate Group has statistics by neighborhood for the Denver metro area—both urban and suburban. We can show you the rate of appreciation, median home price, number of sales, as well as other indicators to illustrate what the market has done in these neighborhoods.
Need stats for a specific Denver neighborhood? 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.
If you like numbers and think this would be good information for you, let me know which neighborhoods you'd like and I'll gladly send them to you right away.
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 firstname.lastname@example.org!