December 2018 ~ Real Estate News
From the team at the
Red Door Group

Amy Ballain | Gretchen Blase | Hadley Trent |  Jill Forman | Jon Hart
Housing inventory in the Denver area is up nearly 47 percent year to date compared to last year, but sales are down.
In November, year to date, housing inventory has increased 46.76 percent compared to last year in the residential market (single-family and condos), but was down 11.82 percent from last month. Meanwhile, fewer homes sold in the Denver area in November, down 17.27 percent from October, and that dropped the number of sales year to date to less than any in the past three years.

Notably, the low months of housing inventory will keep homes prices strong according to Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®.  While the average sold price of $462,344 was down 6.3 percent from the peak price mid-year, it is up 6.47 percent year over year.

"When we looked a little closer, we saw the average sold price was up 8.68 percent year to date compared to 2017," said Schafer. "Furthermore, single-family homes priced under $1 million had three months or less of inventory, showing sellers still had control in the bulk of the market. Anything under five months is considered a seller's market and over six months is a buyer's market."

While the downward shift in the market that started mid-year continued in November, Schafer comments, "The increase in home choices could make it possible for more homebuyers to get what they wish for this Christmas. Meanwhile, the low months of inventory will keep prices strong and sellers should continue to have plenty of money to do their holiday shopping, too."

Looking deeper into the numbers, for the entire residential market, November ended with 7,530 active homes on the market, down 11.82 percent from the prior month and up 46.76 percent year over year. At month's end, there were 3,964 homes under contract, down 10.6 percent from the prior month and 3.03 percent year over year. The number of homes sold dropped to 3,732, down 17.27 percent from October and 23.6 percent year over year. Sales volume also dropped by 18.6 percent month over month and year over year to $1.73 billion.

  
 

Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes. Here are 5 powerful reasons why waiting until after the holidays to sell your home probably doesn't make sense. Let's get together today to discuss how we can market your home this holiday season!

5 Reasons to List Your Home This Holiday Season
5 Reasons to List Your Home This Holiday Season

Some of Our Current Red Door Group Listings!
$445,000
 
 

Fantastic Centennial Townhome style Condo in perfect location. This one has everything - an open main floor, main floor master, gleaming hard wood floors, walk-out basement, loft office area, two patios and a 2 car garage. The large kitchen features included SS Appliances with a gas range, granite counters and a pantry. The kitchen opens to a sunny dining room and great room with gas fireplace and sunny deck. The large main floor master has a private bath and deck access. The finished walkout basement offers many options with a conforming bedroom, 3/4 bath and another patio. The front yard area is an oasis with a custom wood plank walkway and gorgeous gardens with drip system.
$200,000


Darling 3 bedroom home with lots of natural light and a roomy kitchen and living area located in the Prairie Greens neighborhood. # bedrooms and 3 baths. Clean and in great condition - ready for a QUICK MOVE IN!

Recent Blog Posts That Might Interest You...

Over the last six years, we have experienced strong price appreciation which has increased home equity levels dramatically. As the number of "cash-out" refinances begins to approach numbers last seen during the crash, some are afraid that we may be repeating last decade's mistake. However, a closer look at the numbers shows that homeowners are [...]  ...»

 


Studies show that over 50% of homeowners love their homes and have no plans to sell. What's holding you back from finding your forever home? Let's get together so we can find you your dream home today!  ...»

 


Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic's latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year. [...]  ...»

 


Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a [...] ..»

 


Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!  ...»

 


Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing 'rule' that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering [...]  ...»

 


Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are seven great reasons not to wait: Relocation buyers are [...] ...»

 


As a homeowner, there are many things to be thankful for. For example, as home values increase, so does your family's wealth. If you're interested in finding out all the benefits of homeownership, let's get together today! ...»

 


Everyone wants a place to call home; a place that gives them a sense of security. We are currently seeing major interest from females who want to achieve this dream, and the numbers are proving it! In 2018, for the second year in a row, single female buyers accounted for 18% of all buyers. In [...]  ...»


 Red Door Group | 720-490-6865 | Hello@TheRedDoorGroup.com | Website
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!