As 2018 came to a close, the housing market saw a seasonal decrease in home sales across the Denver Metro area in December. Both days on market and inventory increased, giving buyers more time to shop for a home.
New home listings often fall during December as people’s focus shifts to the holiday season. This year was no exception. We saw 41% fewer new listings come on the market compared to November, only 3% less than December last year.
Home sales also fell compared to last year at this time (17%) but remained fairly level month over month with a decrease of only 1%.
Benefits of Buying in the Winter
Buyers can reap many benefits of buying during the winter housing market. More days on market and more inventory means home shoppers had more time to look for a house that met their criteria and more homes for sale to consider.
Heading into 2019 with 7 weeks of inventory, there are more homes for sale now than last year at this time.
Leveling Sales Prices
Average sold prices continue to increase year over year. However, the rate at which home prices are increasing is continuing to moderate. In December, the average price of a single-family home increased only 1% month over month. At $463,916, the average price is 4% higher than December 2017.
The $300-400,000 price range saw the most activity during December. This segment accounted for about 30% of all new listings and sold homes, ending the month with 1,069 active homes for sale in the $300-400,000 range.
Looking ahead to 2019
With the holiday season in the
If you’re considering selling a house this year, the housing market impacts you, too. Talk with a real estate agent about things you may need to do to prepare your home for sale, the best time to put your house on the market, and the right price to sell your home.