Let's look at which way the market moved last month and how that may impact your real estate plans for 2019!
November home sales dropped 17 percent from this time last year. Home sales saw a seasonal month-over-month decrease of 11%.
The number of homes that went under contract in November was 4% lower than last year and 11% less than the previous month.
The average price of a single-family detached home was just under $505,000, up 5% year over year.
Prices of condos/townhomes are also up 10% from last year, to more than $357,000 which is still very good news!
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.
In November, approximately 3,900 new listings were added to the greater Denver area market, a seasonal decrease of 27% from last month!
However, compared to last year, more new homes were brought to the market, giving buyers more choices.
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.
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.
In November, homes spent an average of 44 days on the market.
On average, single-family detached homes were on the market for 39 days, while condos/townhomes were on the market for 58 days.
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.
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.
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!
The Altitude Group
REALTOR® | MCNE
REALTOR® | CNE