As a real estate broker, I certainly have no shortage of market data to study each time I open my email. As a member of two different Multiple Listing Services covering Boulder and Denver, and a as a member of the Boulder Area Board of REALTORs, I thoroughly enjoy the access to rich information and analysis about our enviable and vibrant real estate market. Often I meet clients who follow the market closely and we have enthusiastic conversations as we share observations. Sometimes I meet clients who are just starting their real estate journey or are relocating and I get a chance to help them understand various trends. No matter what the case, there is always something new to learn or teach!
One of the resources I follow closely each month is RE Colorado. According to RE Colorado\'s Year End Market Watch, a lot of interesting movement occurred in our local real estate market in 2018. Let\'s take a look back at the Denver area housing market last year including fewer home sales, but higher home values.
According to RE Colorado, home values have steadily risen over the last 10 years. The average price of a single-family home (including both attached and detached homes) reached $473,426. Meanwhile, the average price of a detached home passed the half-million mark, averaging $522,690 in 2018. Overall, prices increased 8% compared to the average sold price in 2017.
Home sales decreased only slightly compared to last year. After 2017’s ten-year high of 59,257 home sales, 2018 saw a 5% decrease, counting 56,254 home sales during the year.
RE Colorado reported more new listings, and more inventory.
More new listings came on the market during 2018 than we’ve seen in 5 years, helping bring more inventory and giving buyers more choices. Over 68,000 homes for sale were listed during 2018. New listings also helped push up inventory throughout the year at an average of 6 weeks of inventory in 2018, one week more than last year. The average number of homes for sale (active listings) at the end of each month was 14% higher than the 2017 average.
Active listings, measured at a specific point in time, reached a peak at the end of September 2018 with 8,628 homes for sale across the Denver Metro area. September also marked a peak in inventory, climbing above 2 months of inventory for the first and only time during 2018. Homes continue to sell quickly. In 2018, a home for sale spent an average of 40 days on the market, up 4 days from last year.
I believe that some changes may be afoot in our Denver Metro housing market, but nothing too drastic yet. We may be experiencing the start of marekt rebalancing, after several years of a Seller\'s market. Whether you are considering buying or selling a home this year, you need to remember that real estate is local. Our housing market responds to supply and demand, which can vary based on different cities, different neighborhoods and different price points.
If you would like to see housing data for Boulder County, there are plenty of statistics to check, we track all these market statistics for Single Family Homes (SFH) for most of neighboring towns on a monthly basis, including Louisville, Erie, Lafayette and Superior. Check out latest market statistics here. At Louisville Realty Associates, we have the experience, energy and depth of knowledge to help you list your home for the best price. You can reach me anytime at email@example.com.
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