The October 2018 Denver Real Estate Statistics show a continued seasonal slow down. A large .2% rise in interest rates from September also may be contributing to a slower paced market. However, even with the average days on market increasing to nearly a month, October saw a rise in the number of homes sold. This tells us that even if buyers are taking more time to choose a home, the demand is there. Home prices are dropping slightly which is typical for this time of year, but could also be a reflection of the influence of the now average interest rate of 4.83%, the highest interest rates we’ve seen in seven years.
The September 2018 Denver Real Estate Statistics show a big seasonal slow down on top of a general slowing down or steadying of the market. September ended with a median sale prices drop, as well as a reduction in the number of sales, and new listings to pre-spring sales season numbers. Despite this market slow down, listing agents are pricing homes at a high average price per square foot of $221. This could help to explain why homes are sitting on the market longer, at an average of 26 days before going under contract. This is great news for buyers who now have more time to find the right home, although historically the winter months offer fewer listings for buyers to choose from. One increase that has remained constant throughout the year is that of interest rates. At an average rate for 30-year fixed-rate mortgages of 4.63% we now have the highest rates we have seen in seven years.
The June 2018 Denver Real Estate Statistics show a steadying of the market. For three months in a row, and three of the historically best months for real estate, the median sale price for all homes within the greater Denver Metro area has remained the same, at $415,000. This is the first time in years that we have seen this kind of price stabilization. The stabilization might be due, in part, to the continued rise in interest rates. Interest rates in June dropped ever so slightly to 4.57% for average 30 year fixed rate mortgages. The number of new listings dropped slightly, but the number of homes increased slightly as well. The average number of days a listing stays on the market remained unchanged from to May 2018. Have we reached our maximum median sale price for 2018? There are only a few months left before the summer real estate market comes to an end.
Hot Spring Market
Despite interest rates continuing to climb, (up to 4.7%) these April 2018 Denver Real Estate Statistics show home values continuing to rise. Many more listings hit the market in April and we should see even more before the summer months. Buyers are still competing for homes in this strong seller’s market. Median home sales prices for attached and detached homes in our greater five county area is at an all time high of $415,000. Sellers saw their average price for square foot grow to $222 and the average day on the market shrink to just 20 days. No surprises that this spring real estate market is as hot ever.
Interest Rates Continue to Climb
The biggest news is the continued rise in 30-year fixed mortgage rates. In March we saw this number climb to 4.4% which is the highest it has been since 2013 and so far April has seen a continued rise. This is putting pressure on buyers who want to find a home before rates rise over 5%. This can be frustrating in a market already jam packed with competition. The other big news is that for the first time in history, median home sales prices for attached and detached homes in our greater five county area has hit $400,000. These March 2018 Denver Real Estate Statistics also show a big jump in the number of new listings and sold homes, signs that the spring real estate season is in full swing.
The Spring Real Estate Season Has Begun!
These February 2018 Denver Real Estate Statistics show signs of yet another busy spring real estate market here in Denver. The number of new listings rose 10% from January 2018 which means that buyers had more homes to consider. However, compared to 2017 when we saw a 15% increase in new listings from January to February, we are still painfully short on inventory. Demand remains high as we saw the average number of days on the market shrink by 12%, down to 29 days. Prices also continue to rise with the median price for all homes (attached and detached) nearly reaching $400,000. All of this despite one of the largest rises in interest rates for 30-year fixed mortgages that we’ve seen in recent years.
All signs point to an incredibly competitive spring real estate market with prices rising every day. The race continues for buyers who aim to purchase homes before another rise in interest rates. Sellers who list their homes at market value will likely see bidding wars and multiple offers.
A Look Back At The Denver Market in 2017
The Denver Metro Real Estate Statistics 2017 show a very similar market to what we saw in 2016. High demand for homes sent home values up to a median sales price of $374,000. A continued rise in interest rates may have influenced more people to buy homes, but with limited inventory the number of sold homes only rose by 1.6%. The average number of days listings remained on the market remained the same as in 2016, only 24 days, As interest rates continue to rise, and demand remains high, 2018 will likely be another competitive year for buyers. This is likely to remain the same until builders can supply more inventory for the bulk of buyers who are looking for homes under $400k.
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.
The November 2017 Denver Real Estate Statistics show signs of a continued slowing of the Denver real estate market. The number of new listings was down 23% from last month and even fewer homes sold in November compared to October. The slowdown appears to be caused by normal seasonal slowing, and we should anticipate a slow December as well. The price per square foot continues its upward trend, but November showed a slight decrease in median sales price compared to October. Demand remains strong making it a great time for current homeowners to contemplate selling. Despite a few listings to choose from, buyers benefit from the average mortgage rates hovering right below 4%.
Slower but still steady
The October 2017 Denver Real Estate Statistics show signs of a slow, but steady, slowing in the market. The number of homes sold and the number of new listings is slightly lower than October 2016 and October 2015. However the median sales price for the five county Denver Metro area is $30,000 higher than October of last year. Even though sales and new listings have slowed down slightly, this doesn’t seem to have much effect on the average number of days that a listing stays active on the market. Prices keep climbing and demand remains strong. Average mortgage rates climbed back up to 3.9% hovering right around 4% as they have all year.
Is this slowdown here to stay?
The September 2017 Denver Real Estate Statistics show a big slowdown overall. Signs show that this may be more of a slowdown than typical seasonal slowing. For example, the number of homes sold and the number of new listings are lower this September than they were in September 2016 or September 2015. The same can also be said about the average number of days a property sits on the market. With fewer homes to choose from one would expect that buyers would be snatching up properties at a faster pace. Yet this could also be a sign that those listed properties are priced too high for the season. With the median sales price now over $370,000, it may also signal that the Denver Metro area has become unaffordable for a larger population of would-be buyers. Buyers still in the game will benefit from average thirty-year mortgage rates falling even lower than last month to 3.81%. We’ll all be watching the market closely the next few months as we finish off the year.
The July 2017 Denver Real Estate Statistics show a significant decline in the hot summer real estate market. For the first time in months we are seeing a decline in the median sales price, the number of sold homes and the number of new listings. These statistics are indicative of typical seasonal slowing. Home sales are down from June but up from this time last year (4,876 in 2016) and medium sales price increased over last year too ($350,000 in 2016). These July 2017 real estate statistics confirm the end of another busy summer real estate market here in Denver.