November 2017 Market Watch
The latest housing market statistics are in! REcolorado data showed fewer new homes for sale on the market in November 2017 as the holiday season and end of the year draws near.
As 2017 draws to a close, the housing market takes a breath. Fewer new listings and fewer home sales is expected as home buyers and sellers prepare for the holiday season. November 2017 saw 24% fewer new listings than October 2017, but only 1% fewer new listings than November of last year. Home sales continue to decline with the seasonal slow down.
To see more detail from REcolorado’s Market Watch, view the Market Statistics Report for November 2017.
Buying a Home this Winter
Fewer new homes for sale across Colorado means there is a limited inventory for people wanting to buy a home in Colorado this winter. Denver Metro Area had only 4,090 active homes for sale on the market at the end of November, down from 5,283 at the end of October. Because the housing market continues to slow down during the holiday season, home buyers can expect a similar trend into December.
The slowing pace of the housing market also means that homes spend longer on the market. Homes for sale spent an average of 32 days on the market in November, 2 days more than November 2016. But home sales still move quickly in Colorado, especially in price ranges with high demand. Homes in the $150-300,000 price range spent the least amount of time on the market.
Selling a Home this Winter
Home sellers in Adams and Arapahoe counties can benefit from higher competition. The average sale prices in these counties are in the $300,000 range, with a lower average of 24.5 days on the market.
While the housing market is slowing down, home sellers have the advantage of a limited inventory and strong average sold prices. The average sold price of a home in the Greater Denver Metro Area was down 1% from last month at $429,006.
Should you wait to buy or sell your Colorado home next year?
To answer this question, the first thing you should do is connect with a local REALTOR® or real estate agent. The Colorado housing market experiences predictable seasonality, with lower home sales during the winter and the market picking up again in the spring. Your real estate agent can help you understand housing market trends, looking specifically at the neighborhoods where you are hoping to buy a home.
As a local expert, your real estate agent will answer your questions about buying and selling a home in Colorado. REALTORS can also help home buyers prepare for the home search with Things to do NOW if you’re Planning on Buying a Home Next Year.