Greater Denver Real Estate Update – June 2018

This market update captures the bulk of the appreciation we are likely to see this year and covers the most competitive time of the year (February through April).

Here are some highlights:

• I am seeing a seasonal shift in the market — where the main appreciation for the year that occurs the first half of the year pivots to more of a plateau. As such, inventory and days on market increase, and prices may decrease depending on whether the price was set with this shift in mind. These observations will appear in the next month’s statistics.
• Detached single family (DSF) active units with an expected bump to 4,119 available homes for sale which is an increase of 10.8% over the previous month. Attached single family (ASF) reported also increased by 5.8% in active units from April to May bringing the count to 1,280. Both markets together represent 5,473 units for sale.
• New record established for highest average sales price in ASF (condos/townhomes) at $353,863, and a slight drop was reported in DSF (houses) to $526,977.
• 5,713 homes were placed under contract. A balanced market with a 6 month supply of inventory would require 34,278 active units. This, along with historically low interest rates, are key reasons why prices continue to climb. There simply is not enough inventory. Supply and demand.
• Average days on market remain low heading into May with DSF at 19 days to contract and ASF 15.
• 63.6% of DSF and 66.3% of ASF homes were under contract in 7 days or less.
• 70.0% of closed homes in May sold for at or over their asking price.

Market Update from Land Title

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GreaterMetroDenverUpdate2018.05_MAweb

Market Update – Colorado Association of Realtors

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CAR-MarketUpdate-MetroRegion-May2018

There are a lot of details here. I would be happy to help you understand how they relate to your situation and your real estate goals.  Just shoot me an email or text, or give me a call.

See my prior post if you are interested in one of these topics:

• Is Denver real estate in a bubble?
• Renting vs buying