This winter we’re seeing high buyer demand yet low inventory for Denver-area homes in the average and median market. Meanwhile, the luxury market is seeing a noticeable boost in condo sales.
The number of sold listings in November decreased by 13.51% compared to October. High demand, affordability, and low inventory seem to be the biggest issues affecting the housing market this winter.
Last month closed with only 5,131 active residential listings – an 18.71% decrease from October. Though on par with this year’s trends, this is well below the 15,232 average active listings that Denver is used to. Newly built housing might be the best way to solve our city’s inventory issue if the move-in rate continues to climb.
We won’t truly be able to predict how our spring and summer numbers will look until late winter. However, we expect them to continue to decrease until at least February. It makes sense if you look to last month. Although the average days on market held at 40, all of the other numbers are down from October. The November residential market (DSF + ASF) saw:
If the supply continues to lessen, home prices will likely increase. This is something to keep in mind if you’re thinking about buying a home in Denver. Waiting for housing prices for drop may not be a viable option. Just another reason to consider buying in the winter.
A 3,088 above ground square foot Greenwood Village home was the highest priced single-family home sold last month at $4,500,000 while the highest priced condo sold in Denver at $5,300,000.
The luxury market has slowed somewhat from October, but the numbers year-to-year are up 22.73%. Luxury condos, in particular, are seeing a remarkable increase this year – around 200%. 10.47% of luxury sales were condos which surpasses the previous record of 8%. We’ll see where this trend takes us in the new year!
To get updates on Denver’s real estate market, receive tips and tricks for seasonal home care, or to just keep up with the shelter team, be sure to follow us on Facebook.
DMAR Real Estate Market Trends Report | DEC. ’17