The Eagle Examiner is in! The Eagle Examiner is in! This month I’m going to flip the formats so you don’t miss the Altos Stats. Below that you can find Denver Metro area stats and commentary from Jill Schafer, Chair of the DMAR Market Trends Committee. I’m working on the format of this and it’ll change next time as well, but I wanted to get this information out to everyone.
Thanks and I hope you all had a fabulous Thanksgiving
|Use the links below to view your Revised and Updated Colorado Statistics by city.|
You know when you go on a very long car ride and the passengers ask. “Are we there yet?” over and over That’s what I’ve been hearing this past month when talking to people about our current real estate market. They mostly mention two things when asking if we’ve shifted to a buyer’s market: one. houses don’t seem to be selling in the first weekend anymore and two, we’re seeing price reductions like we haven’t seen in years. Even with those two things in mind, my answer is NO, we aren’t there yet and it appears we still have a ways to go before we get to a buyer’s market. And that’s not just my opinion, that’s the story the statistics tell as well.
It’s going to take how long? Yes, it seems houses are taking a little longer to sell with an average of 29 days on market for single-family homes compared to the super-fast 19 days in June. We have been going at 100 miles an hour for so long that it started to feel normal and now going any slower seems painful. When you compare it to this same month last year, detached homes stayed on the market for the same amount of time and attached homes only took three more days to sell. In fact, the days on market overall was the same year to date as in 2015, 2016 and 2017. Anytime you go from 100 miles an hour to 65 miles an hour it feels like you’re crawling, but, remember. you’re still moving forward and the market always slows down when the leaves fall.
You have to pump the brakes. Yes, we are seeing price reductions and often there are more of those than under contracts, but sellers are still in the driver’s seat – they just need to slow down a bit. Some sellers have still been trying to go at breakneck paces with homes priced based on summer sales. Slow your roll and remember pricing is about recent similar sales and the amount of competition. We ended October with 8,539 homes to choose from, fewer than the end of September, but more than any other month since November 2017. Agents need to study comparable homes sold from the past 60 days and then look at the amount of competition, then price accordingly.
Remember what Ralph Waldo Emerson said... “Life is a journey, not a destination” and the journey for home owners in the 11 county metro area is a great one. Overall, prices are up. Year to date, the average attached home price was up 10.6 percent, ending October at $350,017 and the average detached home price was up 9.06 percent, ending the month at $523,306. People want to live here, the demand for homes is great and the Denver economy is strong and diverse. Interest rates are projected to go up again this year and next. So jump in the car now. Studying the statistics is like studying the map: it shows where you’ve been so you know where you’re going. Tell me about your real estate trip on social media using #dmarstats.
~Jill Schafer, Chair of the DMAR Market Trends Committee and Denver real estate agent
DMAR Market Trends, November 2018
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