Our Denver real estate market certainly keeps us on our mistle-toes!
This time last year, we had a nice increase in residential listings. While we were (still are) hoping for more housing inventory, we’ve seen a decline for the third month in a row. It’s not unusual for our market to take a “holiday slumber.” I just know several home buyers hunting for a new home – even now!
But while our seasonal decline has impacted last month’s closings and transactions, we still discovered some surprises under the tree:
– Days on the Market slowed: Even in a tighter market, on average, buyers took their time to find the right home.
– Sold Price increased: Many sellers got a slightly higher return in November. The average single-family home closed at $537,624 and the average condo was $365,856.
Yes, a few months of lighter inventory does shift our market more in favor of our sellers, but the larger, annual picture reveals our market’s “balancing:”
– We still have over 2% more homes sold for all of 2019 than we did in 2018.
– It took homes 9% more time to go under contract last month than this time last year.
– Our average home price is up by almost 7%, year-over-year ( Source: DMAR Monthly Report).
Buyers wanting to purchase a new home in the new year need an excellent strategy and team of professionals. The new year may be the right time for you to get the ball rolling.
Happy holidays everyone! Text, call or email me during the holidays with any of your questions.