Denver Metro Housing Market sees Increases Across Major Indicators
REcolorado released the Market Watch report for 2017. To those of you who have been following REcolorado’s monthly Market Watch reports, this will come as no surprise. Inventory remains tight, keeping the market competitive and giving the advantage to the seller.
Overall in 2017, the Greater Denver Metro Area saw more home sales, new listings, and under contract properties – each 2-4% higher than 2016 levels. Average sold price continues a steady increase, rising 9% from last year. This brings the average home price up to $434,074 for a single family home.
Despite more new listings in 2017, demand continues to outpace supply. Average weeks of inventory dropped 2 weeks from 2016, with an average of only 5 weeks inventory. That means that if no new people put their home on the market, all of the current homes for sale would be sold within 5 weeks.
To see more detail from REcolorado’s Market Watch, view the detailed Market Statistics Report for 2017 Year-End.
Tight Inventory = Seller’s Market
At the beginning of 2018, the outlook for the housing market continues to benefit home sellers in Colorado. When demand is higher than supply, sellers have the advantage. On average, sellers received 100% of their asking price in 2017.
Demand was strong across all price ranges in 2017, with nearly every new listing and home that came on the market resulting in a sale. Most activity occurred in the $200,000 – $500,000 price range. Especially in this segment, Colorado home buyers experienced the challenges of a fast-paced market.
Navigating the Housing Market in 2018
If you’re planning on buying or selling a home in 2018, talk with your REALTOR® about the market in your neighborhood. REcolorado provides information about the housing market across the Greater Denver Metro Area. Your real estate agent is an expert on the local market. With access to the most accurate data from REcolorado, the multiple listing service, your real estate agent combines local expertise and experience. They can provide in depth information about specific areas, price ranges, and homes for sale.
Start your home search at REcolorado’s home search site. From custom searches to property alerts, REcolorado gives home buyers tools for a simple and easy home search. You can use REcolorado.com with your current REALTOR or connect with an agent who specializes in your neighborhood.