Did the market rally or falter in December? And, how did 2018 compare to 2017? Let’s Take a Look!
December saw sales cool a bit, which can be typical through the holiday season.
Surprisingly, the biggest difference we saw was between sales this past December and December of 2017 where 17% less homes sold.
Overall, the year ended with sales 5% lower than in 2017.
The number of homes that went from Active to Under Contract in December was up from last year…
…but 14% less than November--again, showing that real estate activity slowed during the holidays.
The rate at which home prices are increasing is continuing to moderate. Believe it or not, however, this is a good thing for the market as a whole.
In December, the average price of a single-family home inched up 1% month over month to nearly $464,000.
As compared to 2017, prices ended 4% higher this year equating to several tens of thousands of dollars in equity for most homeowners.
New listings of properties for sale saw a seasonal decrease in the greater Denver area--a 41% decrease from last month…
…and a 3% decrease from last year at this time.
The count of active listings, in other words, inventory, also decreased. At the end of December, there were nearly 5,800 active listings, which was 32% less than last month.
However, there are more than 50% more homes available to buyers at the end of December than there were in December of 2017. That’s a significant change in a year’s time. More signs that while the market still favors sellers, buyer have more options and the inventory noose is loosening.
We ended December with 7 weeks of inventory, 1 week less than last month…
…but 3 weeks more than last year at this time.
In December, sales outpaced new listings in every price range, with the exception of $2M+, pushing inventory levels down 18% as compared to last month.
You might be surprised to hear that in December, homes spent an average of 56 days on the market, 11 days longer than November…
…and 6 days more than this time last year.
On average, single-family detached homes were on the market for 51 days, while condos/ townhomes were on the market for 70 days.
The good news for sellers is that half of all homes on the market are still selling in 3 weeks or less. These are always the homes that are well staged, marketed and presented at their best and more importantly, priced appropriately.
As always, we know everyone’s situation is unique, so please give us a call to discuss how the real estate market impacts you. We’d love to hear from you!
The Altitude Group
REALTOR® | MCNE
REALTOR® | CNE