Well, the start of 2018 can be summed up in one word…HOT! We are in a multiple offer market again. And the driving factor behind it hasn’t changed. We have little inventory for the number of new households that are moving to the Denver Metro Area. Let’s look at the statistics for February.
Denver Metro All Properties
- Median Sales Price $398,700 up 12.3% from Februray 2018
- New Listings 4,324 up 1.3% in February 2018
- Under Contract 4,137 down -1.3% from February 2018
- Sold Listings 2,990 down -2.8% from February 2018
- Median Days on Market was 6 days, which is down from 9 in February 2018
- Average Sold to List Price % was 100.1% which was up slightly from a year ago
The fact our days in market has dropped to under a week is showing how hot the market is. Our supply numbers (new listings) were flat and there was a slight decrease in under contract and solds. There really isn’t a sign that the market is moving closer to balanced.
Now let’s look at the difference between the Condo/Townhome market and the detached single family market.
Denver Metro – Condo/Townhome
- Median Sales Price $294,900 up 17.5% from November 2016
- New Listings 1,280 up slightly from 1,277 in February 2018
- Sold Listings 945 down -1.7% from February 2018
Denver Metro – Single Family
- Median Sales Price $432,000 up 9.4% from November 2016
- New Listings 3,101 up 1.8% from February 2018
- Sold Listings 2,045 down -3.3% from February 2018
The condo/townhome market is certainly a hot segment of the market. Those who are in the entry level home category ($300,000 and under) will have the best opportunity to find what they want in this price range. There are very few detached single family homes available right now.
The numbers I put here are for the 7 county Denver Metro area. It covers a very broad area. What’s happening in your neighborhood may not reflect these numbers. If you are considering buying or selling a home, it’s important that you understand what’s going on locally in your part of the city and more specifically, your neighborhood. If you would like more detailed information on your neighborhood, please go to http://kenhopsicker.com/home-value-bp. For a great search site, go to http://kenhopsicker.col.exprealty.com/.