Sharp Drop in Inventory Pushes Prices Higher.Nov17

Market Trends

While it is not unusual for inventory to decline a bit from September to October, the 20 percent drop in listings this year was notably higher than expected. As a result, prices – which typically remain flat at this time of the year – rose 2.7 percent for detached single family (DSF) and 5.3 percent for attached single family (ASF) homes compared to the previous month. Other metrics bucking seasonal trends:

 

•       Average days on market remained low with DSF at 28 days to contract and ASF at 22 days; and

•       The percentage of homes selling in seven days or less held fairly steady at 38 percent and 48 percent for DSF and ASF, respectively.

 

Even though there are fewer buyers in the market as we enter the holiday season, it is still a great time to sell. However, it is important to consider contract activity during the holidays. In 2016, the number of homes that went under contract:

 

·         Peaked on the Monday before Thanksgiving and was at the lowest on Thanksgiving and through the weekend, and

·         Stayed low throughout the month of December, with steep drop-offs on Christmas Eve through December 26.

 

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 October 1, 2017, through October 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.

Nov17MarketAnalysis-LaDawn