January 2020 Metro Denver Market Update
Sellers Have the Upper Hand Heading Into 2020
After the number of homes for sale at the end of 2018 increased 44 percent compared to 2017, the trend reversed in 2019 with the Denver metro area’s inventory finishing at nearly 10 percent lower than last year. The number of homes sold in 2019 was just off the record high in 2017, and the average sold price increased around 3 percent from 2018.
December’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for all homes sold during the month decreased slightly from the previous month but was up 4.9 percent from last December;
· Active listings dropped nearly 28 percent compared to the previous month and were down 9.7 percent from this time last year; and
· The average days on market was up 17 percent from the prior month and unchanged from a year ago.
With mortgage rates remaining low, the economy strengthening, and the largest group of millennials turning 30 (the average age of a first-time homebuyer), the 2020 market is expected to be a battle over inventory. Given that it would take only 1.1 and 1.4 months to sell all homes, sellers have the clear advantage heading into 2020.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of December 1, 2019, through December 31, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.