2017 Ends with Typical Housing Market Slowdown
It is typical for the number of new home listings and homes for sale to fall 25-35% in December as thoughts turned to the holiday season. This year was no exception. As 2017 came to a close, the housing market continued its slowing trend in December.
December saw fewer new listings, fewer home sales, and fewer weeks of inventory compared to this time last year. Average sold price is still rising, as is average days on market. To see more detail from REcolorado’s Market Watch, view the detailed Market Statistics Report for December 2017.
Seller’s Market in 2018
The Denver Metro Area is still a seller’s market at the start of 2018. Fewer homes for sale, with only 4 weeks of inventory ending December, gives an advantage to the seller.
If you want your home to be market ready in time for selling season, talk with a REALTOR to determine what work should be done now. The start of a new year is a perfect time to tackle some of the home projects you’ve been putting off.
For more advice, read Things to do NOW if you’re Planning on Selling Your Home this Year.
Buying a Home in Colorado this Year
Year-over-year home prices continue to be on the rise. The average sold price for a single family home in Denver Metro this December was $443,378 – 12% higher than December 2016 ($395,013). While average days on market is going up (8 days more than last month), weeks of inventory is going down. The Denver housing market is still moving at a fast pace, especially at lower price points with higher competition.
Seasonal trends predict that the housing market will begin picking up again as we get further into 2018. If you’re considering buying a home in Colorado this year, the first thing you should do is connect with a local real estate agent.
Your real estate agent is the most knowledgeable source for information about the housing market. With in depth knowledge of local housing market trends, your real estate agent can provide specific advice based on your home search.