What’s going on in our market right now? Let’s look at Denver’s MLS numbers from last January and compare them to this January.
From January 2017 to January 2018, the number of home sales dropped 9% from 3,237 to 2,935. Because of the lack of supply, property values have continued to go up. From January 2017 to January 2018, the average sold price for single-family homes rose 11% from $401,961 to $447,487.
We’re seeing houses take a little bit longer to sell this year. In January 2017, the average days on market was 45 days. In January 2018, the average was 53 days. As far as new listings go, we saw that number rise from 3,809 in January 2017 to 4,200 in January 2018—a 10% increase.
The fact that more homes are hitting the market is very important. That means inventory is going up, which is very healthy for our market. If this continues, buyers will be able to find properties more easily and get them under contract more easily. I expect this trend to continue over the next few months, which means if you’re selling, more competition is on the way. The average days on market might get a little bit longer in the spring, so listing now in March is likely a better option than listing later on in the season.
Along with more properties coming on the market, we also saw the number of homes going under contract rise 9% from 3,725 in January 2017 to 4,060 in January 2018. We should see the number of closed deals even out in the next couple months.
Keep in mind that these are general statistics from our market as a whole, and every neighborhood is specific and different, so if you’re interested in what your neighborhood’s statistics look like, let me know and I’d be glad to share those with you.
If you have any other questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.