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Inventory
In Metro Denver, there were 7,530 homes for sale. This was an 11.82% decrease over the prior month, but a very large 46.76% increase over November 2017. Buyers now have more homes to choose from. While sellers are still getting premium prices on their homes, they must price aggressively for a quick sale.
Homes that Sold
3,732 homes sold last month in the Metro area, a 17.27% decrease from October and a 23.6% decrease compared to November 2017. Homes that sold during November spent an average 31 days on the market, up 6.9% from October and the same as during November 2017. Single-family homes took an average of 32 days to sell, while condos sold more quickly, spending 28 days on the market on average.
Prices
Single-family homes sold for an average price of $505,990, a 5.41% increase over November 2017. The median price was $427,000. Condos sold for an average price of $358,447, an increase of over 10.67% from 2017. The median sold price for condos was $299,450. The average sold price for all homes was up 8.68 percent year to date compared to 2017.
Metro Market Insights
With more homes on the market, buyers with agents who are expert negotiators can get better deals on homes. So far, there have been fewer sales in 2018 than during any of the past three years. Although this is a shift that helps buyers, there is still not enough inventory on the market to call this a “buyer’s market.” In fact, it’s still a seller’s market. Those sellers who price right, have desirable properties and market to the people most likely buy their homes are able to get their asking prices.