Where have all the houses gone?
The December 2017 Denver Real Estate Statistics showed a continued decline in the number of new listings and homes sold as we finished out 2017. With only 2,121 new units available in December, active buyers found themselves still in a very competitive market with multiple offers on nearly every new home listing. This competition is evident in the rise of the median sales price for both attached and detached homes. The average price per square foot held at $214 from November and the average days on the market is still around a month, with homes priced below $400k consistently going under contract within seven days.
The December 2017 Denver Real Estate Statistics also show that the average 30-year fixed mortgage interest rate rose slightly and may continue to do so throughout 2018. There continues to be a deficit of new home listings as the Denver Metro Area continues in its population boom. 2018 will likely be a terrific time for sellers, especially those move-up buyers who can take advantage of the extreme demand for starter homes and the equity they’ve built over the last several years.