December 2018 Real Estate Statistics & 2019 Market Predictions
The Denver Metro Association of Realtors' Market Trends report for January is out. Here is a quick overview of what December real estate looked like in the 11 county metro area.
The average price of a single family home was $508,016. This is an increase of 1.01% from November, and 4.50% higher than in December 2017.
The good news for Buyers in December was that they had 44.71% more active listings to select from than they did in December of 2018. Sellers are still enjoying control of the market in all price ranges, except for those home priced over $1 million. In that higher price range, Buyers and Sellers are on fairly equal footing.
Rates have continued to decrease in the last two months and are now back in the range that they were in early summer of 2019. Loan applications are on the rise, along with inventory, so it seems that both Buyers and Sellers are eager to enter the market in 2019.
The prediction for the Denver metro area market from the National Association of REALTORS® is that it will be another hot early spring starting in February, and then the market will begin to stabilize in 2019, with the number of homes sold dropping 6.7% and the prices increasing 6.8%. Now is a great time for both Buyers and Sellers. Sellers are still enjoying the equity gains they have made in the last several years and Buyers have the opportunity to buy at a low interest rate before 2019's two projected interest rate increases.
As the market shifts towards a more balanced market, it is even more important for Sellers to prepare their home to stand out against the rising inventory. Repairs, staging, professional photos and marketing are going to become even more important in 2019 and the years to come! Of course, we all wish we had a crystal ball, and every property is unique. Talk to a professional about your specific needs.
Reach out if you are considering Buying or Selling a home and we can talk about what I do to help my clients succeed. I will always be honest with you about the market and what needs to be done to help you reach your real estate goals!