A lot happened in 2018 — take a look back at Denver’s housing market last year with REcolorado’s 2018 year end Market Watch.
Fewer Home Sales, Higher Home Values
Home values have steadily risen over the last 10 years. The average price of a single-family home (including both attached and detached homes) reached $473,426. Meanwhile, the average price of a detached home passed the half-million mark, averaging $522,690 in 2018. Overall, prices increased 8% compared to the average sold price in 2017.
Home sales decreased only slightly compared to last year. After 2017’s ten-year high of 59,257 home sales, 2018 saw a 5% decrease, counting 56,254 home sales during the year.
More New Listings, More Inventory
More new listings came on the market during 2018 than we’ve seen in 5 years, helping bring more inventory and giving buyers more choices. Over 68,000 homes for sale were listed during 2018.
New listings also helped push up inventory throughout the year at an average of 6 weeks of inventory in 2018, one week more than last year.
The average number of homes for sale (active listings) at the end of each month was 14% higher than the 2017 average.
Active listings, measured at a specific point in time, reached a peak at the end of September 2018 with 8,628 homes for sale across the Denver Metro area. September also marked a peak in inventory, climbing above 2 months of inventory for the first and only time during 2018.
Homes continue to sell quickly. In 2018, a home for sale spent an average of 40 days on the market, up 4 days from last year.
Things are shifting slightly in the Denver Metro housing market, but we have not seen drastic changes. The latest monthly Market Watch reports hint at a market finding balance.
What Home Buyers & Sellers Need to Know
Real estate is local. The housing market responds to supply and demand, which can vary based on many different factors. Different cities and even neighborhoods can experience the market differently. The same is true for homes at different price points.
For local trends and insight based on real estate experience, talk with your REALTOR®. They can provide information specific to your needs and situation.