Metro Denver Real Estate Statistics (single family)
|November 2019||October 2019||November 2018 (last year)|
|Median Sold Price||$435,000||$440,000||$415,300|
|# of Active Listings||7,054||8,460||7,549|
|# Under Contract||4,388||5,412||4,060|
|# Sold Homes||3,902||4,680||3,796|
|Months Supply of Homes||1.6||1.9||1.8|
|Average Days on Market||39||36||36|
The median sold price followed the trend of the past 3 years and went slightly down in November from $440,000 to $435,000. If we continue to follow the pattern, we should see prices fluctuate up or down slightly until after the new year when we begin our annual climb towards the peak of the selling season in June.
We saw another huge drop in the number of active listings in The Denver MLS from October to November (nearly 1,500 less homes) and a decrease of about 500 homes for sale compared to this time last year. The number of homes that closed in November 2019 (3,902) dropped sharply from October, similar to what happened last year. During November of this year saw about 100 more homes sell than in November of 2018. As of the end of November, 4,388 homes were under contract compared to 4,060 this time last year. The average days on market went up 3 days from 36 in October to 39 in November which is about half of the amount of time the average home is sitting on the market nationally.
Today’s Most Prevalent National Rates as reported by Bankrate.com.
- 30 YEAR FIXED – down slightly from last month at 3.7%
- FHA/VA – down slightly from 3.28% last month to 3.25%
- 15 YEAR FIXED – down slightly from 3.15% last month to 3.13%
- 5 YEAR ARMS – down from 4.01% last month to 3.82%
The Bottom Line
All signs show that the Metro Denver real estate market is still in the midst of an 8 year upward trend. While we are in the bottom of our seasonal cycle, our year over year prices continue to rise faster than inflation and the number of homes sold each year continues to break records. The median sold price in November 2019 ($435,000) was about $20,000 higher than the median sold price in November of last year and almost double of sold prices ten years ago in November 2009.
Historically, November and December are the best months to buy a home (see my post, When is the best time to buy a home). Buyers should have the most negotiating power right now and will probably find the best deals of the year before the New Year.
I expect prices to continue to fluctuate slightly, but stay fairly steady through January and then we will start our seasonal upward trend in February. Inventory should continue to drop December through January then start to increase again after the holidays.
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