Jump in New Listings Offers More Buyer Choices

Market Trends

 February 2019 Metro Denver Market Update

 With the Super Bowl behind us, the spring selling season has begun. The Denver metro area is still considered a seller’s market based on inventory; however, the significant increase in new listings in January and the shift toward a more balanced market should be encouraging signs for buyers.

Vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – in January include:

          ·  The average price was slightly down month-over-month, but up 3 percent from a year
              ago;
          ·  New listings rose 110 percent from the prior month, giving active listings a healthy
             month-over-month increase of 5 percent compared to what is historically a
             decrease of nearly 4 percent; and
          ·  The average days on market jumped up 5
             percent from the prior month and 20 percent from a year ago.

While home prices below $400,000 are still in short supply, in the $1 million-and-above market, inventory for both DSF and ASF is at 7.7 and 8.2 months, respectively, officially moving the so-called “luxury” market segment into a buyer’s market. This is making it easier for buyers moving up to the higher-priced segments to place contingent offers on their next home.

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@coloradohomes.com. I am never too busy for your referrals.

Feb19MarketAnalysis-LaDawn

This update is based on information provided by the Denver Metro Association of Realtors® for the period of January 1, 2019, through January 31, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.