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Let's look at which way the market moved last month and how that may impact your real estate plans for 2019!

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November home sales dropped 17 percent from this time last year. Home sales saw a seasonal month-over-month decrease of 11%.

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The number of homes that went under contract in November was 4% lower than last year and 11% less than the previous month.

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The average price of a single-family detached home was just under $505,000, up 5% year over year.

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Prices of condos/townhomes are also up 10% from last year, to more than $357,000 which is still very good news!

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However, month over month, home prices have cooled. Prices are down 2% compared to last month and down a total of 6% from the peak in June.

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In November, approximately 3,900 new listings were added to the greater Denver area market, a seasonal decrease of 27% from last month!

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However, compared to last year, more new homes were brought to the market, giving buyers more choices.

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The number of active listings is up a whopping 72% compared to this time last year! That makes things much more competitive amongst sellers, and consequently brings prices down with that new supply of homes for sale.

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We currently have 8 weeks of inventory, unchanged from last month, but that’s 3 weeks more than last year, so you can see how things have really changed since 2017.

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In November, homes spent an average of 44 days on the market.

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On average, single-family detached homes were on the market for 39 days, while condos/townhomes were on the market for 58 days.

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The median amount of time a home spent on the market in November was 6 days more than this time last year. With nearly half of homes for sale spending just under 3 weeks on the market, buyers have more time to shop.

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November’s most active price range was $300-400,000, accounting for 31% of all sales. Homes in this range were among the quickest to sell, spending an average of 31 days on the market.

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And, although sales are strong in this range, year to date they have actually decreased 7% as more homes appreciate into the $400-500,000 range.

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!

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The Altitude Group

Matt Thomas

REALTOR® | MCNE

303-269-1617

Matt@AltitudeRealEstateGroup.com

——————————-

Chad Schneider

REALTOR® | CNE

720-767-2423 (CHAD)

Chad@AltitudeRealEstateGroup.com