Market Remains Stable – January 2018 Market Update

Market Trends

The projected bump up in the average price for detached single family (DSF) homes did not materialize as prices were up only slightly compared to the previous month and below the record high set back in June. However, prices for attached single family (ASF) homes reached a new record high and – for the third straight month – inventory noticeably dropped.

 

In comparing year-end figures to last year:

     • The average sold price for DSF and ASF was up around 10 percent and 12 percent, respectively;
     • New listing counts remained flat with inventory at its lowest on record in the last 10 years;
     • Days on market remained flat for DSF (at 33), but increased from 32 to 42 for ASF; and
     • Similar to 2016, in 2017 around 48 percent of DSF homes sold in seven days or less while 55 percent of ASF homes sold within a week (down slightly from 58 percent in 2016).

Many of the key statistics indicate 2018 will continue to be a strong sellers market. Recently, Zillow named Denver one of the 10 hottest housing markets in the U.S. for 2018, coming in at No. 7 (up from No. 9 in 2017).

 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.

 Based on information from REColorado®, Inc. provided by Land Title for the period of Dec. 1, 2017, through Dec. 31, 2017, for Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson Counties. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market.

 

Jan18MarketAnalysis-LaDawn