Highlights of the Denver metro real estate market update — December 2017 data
The Denver metro real estate market shows no signs of changing course from recent years where the spring market is quite competitive.
- Low inventory.
- Prices set to rise with increasing demand if supply does not keep pace.
- Buyer bidding wars more likely as market heats up.
- Buyers with a contingency to sell are likely to struggle in what will likely be a fast moving market.
Here are some of the highlights from December’s data:
- Detached single family (DSF) active units decreased -18.6% over the previous month and attached units (ASF) decreased by -13.1%. Both markets together represent 3,691 units for sale.
- Average sold price held flat for DSF to $477,523 but with a very large bump reported for ASF to a new record high of $340,523.
- 2,949 homes were placed under contract. A balanced market with a 6 month supply of inventory would require 17,694 active units.
- Average days on market remained low heading into December with DSF at 35 days to contract and ASF 31.
- 35.3% of DSF and 40.6% of ASF homes were under contract in 7 days or less.
- 41.3% of closed homes in December sold for at or over their asking price.
- Source: Megan Aller, Land Title Guarantee Company
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There are a lot of details here. I would be happy to help you understand how they relate to your situation and your real estate goals. Just shoot me an email or text, or give me a call.
See my prior post if you are interested in one of these topics: