 |
|
Real estate market factors including sales volume, days on market and housing prices continue to favor home sellers in the Denver area.
|
In October, year to date, inventory has increased 35.28 percent compared to last year in the residential market (single-family and condos). Yet, other real estate market factors including sales volume, days on market, and housing prices continue to favor home sellers in the Denver area.
Year to date through October, sales volume for the Denver-area residential market has exceeded $22.5 billion, up 5.45 percent from last year. The average and median home prices in October were $471,321 and $400,000 respectively, up 7.12 percent and 5.26 percent compared to 2017. The single-family average sold price last month was $526,092, up 8.43 percent year over year. Furthermore, the average days a home was on the market year to date through October was the same, at 24 days, as in 2015, 2016 and 2017.
"You know when you go on a very long car ride and the passengers ask, 'Are we there yet?' over and over? That's what I've been hearing this past month when talking to people about our current real estate market," said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. "They mostly mention two things when asking if we've shifted to a buyer's market: one, houses don't seem to be selling in the first weekend anymore and two, we're seeing price reductions like we haven't seen in years. Even with those two things in mind, my answer is 'no,' we aren't there yet and it appears we still have a ways to go before we get to a buyer's market. And that's not just my opinion, that's the story the statistics tell as well."
Looking deeper into the numbers, October ended with 8,539 active homes on the market, fewer than the end of September, but more than any other month since November 2017. In October, 4,628 homes were placed under contract, up 5.11 percent over the previous month and down 10.31 percent year over year.
Schafer adds, "Yes, it seems houses are taking a little longer to sell with an average of 29 days on market for single-family homes in October compared to the super-fast 19 days in June. That just means we're in the middle lane going the speed limit instead of in the fast lane going 100 miles per hour. Anytime you go from 100 to 65 miles an hour it feels like you're crawling, but, remember, you're still moving forward and the market always slows down when the leaves fall."
|
One of the causes of the housing bubble 10 years ago was the increase of housing inventory to a 10-12 month supply. This over supply caused prices to fall. Today we have a 4.4 month supply of homes for sale, nowhere near the amount we had pre-bubble! Let's chat about what that means in our market!
|
|
Are We Heading Towards Another Housing Bubble
|
|
|
Some of Our Current Red Door Group Listings!
|
|
|
|
$359,900 |
JUST LISTED!
Open House Sat 11/10 11am-1pm
Fantastic Four Level Home with no HOA! This one has it all. The open main floor features a bright vaulted living room with skylights and an updated eat-in kitchen with included SS appliances and an extra large two compartment sink. Upstairs is a large master bedroom with two closets and private access to the updated jack n jill full bath and a large second bedroom. The third level, still above grade! features a cozy family room with a fireplace as well as the third conforming bedroom and another updated full bath. The basement has been nicely finished with a large carpeted bonus space (fitness. office, play space....you decide!) and a tiled laundry room with included front load washer and dryer and great shelving. The large back yard is fenced and features a large patio area with a wooden seating structure. Perfect location close to the Everything! No HOA!
|
|
|
|
| $800,000 |
|
Country Charm Meets Mid-Century Modern! This incredibly unique property boasts extensive recent renovations on more than an acre only
minutes from I25 and C470! In 2015, this home was given a massive make over to bring it into the 21st century, while keeping vintage details
to preserve it's mid-century roots! Work included new doors, windows, HVAC, sub-floors, drywall, wiring, insulation, plumbing, and even a new septic system! In 2018, the home and outbuildings all got a new roof and the interior was painted and exterior cedar was refinished. So, all that's left to do is kick back and enjoy an afternoon on one of the back patios while the soothing trickle from the water feature melts your worries away. Or spend the evening snuggled by your outdoor fireplace. Or commune with nature in your vegetable garden and potting shed. Or work on projects out in the detached garage and workroom. Whatever your pleasure, you can truly have it all at this special home.
|
|
| 15448 Navajo Street, Broomfield, CO - For Sale |
|
|
|
|
$1,195,000 (New Price!)
|
Spectacular mountain home on 25 acres with million-dollar views! This spacious house has floor to ceiling windows to see the stunning view of the city along with the forest and wild life that surrounds this secluded property. Gourmet kitchen granite island, farmhouse sink, and 6 burner gas stove. Gleaming wood and tile floors are warmed by whole house radiant heat. Plenty of room for guests, currently sleeps 13. The house was designed to give you all of the comforts of a luxury home, yet also meets the needs of a mountain property with a large mud room, attached garage, & propane piped directly to outdoor grill. The sweeping views from the deck are truly breathtaking as the city lights begin to twinkle as evening approaches. This home has the option of being sold fully furnished. Detached 4 car garage holds the included tractor for snow removal, 2 ATV's, & much more! Brand new automatic security gate on road was just installed! Come see this luxury Colorado home today!
|
|
| Colorado Mountain Home with Magnificent views 19052 Timber Falls Trail, Littleton, CO 80127 |
|
|
Recent Blog Posts That Might Interest You...
|
|
Newsletter designed by
Jill Rumley, Marketing & Media Director, Red Door Group
|
|
|
| |
|
BE SURE TO FOLLOW US ON SOCIAL MEDIA TO READ UP TO DATE ARTICLES!
|
|
|
|
|
|
