Our market certainly keeps us on our mistle-toes (happy holidays everyone)!
This time last year, we had a nice increase in listings. While we were (still are) hoping for more inventory, we’ve seen a decline for the third month in a row. It’s not unusual for our market to take a “holiday slumber.” I just know several buyers hunting for a new home – even now!
– Days on the Market slowed: Even in a tighter market, on average, buyers took their time to find the right home.
– Sold Price increased: Many sellers got a slightly higher return in November. The average single-family home closed at $537,624 and the average condo was $365,856.
Yes, a few months of lighter inventory does shift our market more in favor of our sellers, but the larger, annual picture reveals our market’s “balancing:”
– We still have over 2% more homes sold for all of 2019 than we did in 2018.
– It took homes 9% more time to go under contract last month than this time last year.
– Our average home price is up by almost 7%, year-over-year ( Source: DMAR Monthly Report).
Buyers wanting to purchase a new home in the new year need an excellent strategy and team of professionals. Sellers, as you can see, in Denver there is no bad time to list your home! The new year may be the right time for you to get the ball rolling.