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Colorado Market Insights

View individual Market Insights for regional areas

 

Adams County •  Aurora •  Boulder County •  Broomfield/Westminster •  Douglas County •  Jefferson County
Metro Denver •  Mountain Suburbs •  Northern CO •  South Denver

 

 

Of the 6042 homes available for sale this past April in the Colorado Front Range area, 5144 homes sold and closed! With median sale prices of $440,000, homes are selling on average within 30 days on market, thanks to an unusual and remarkable marketplace we’ve been experiencing. This real estate market appears to have something to offer everyone who wants to buy or sell a home this year!

 

IT’S A BUYER’S MARKET! Buyer markets are created when, thanks to inventory and demand circumstances, buyers are exerting greater control over selling prices. In the luxury price points this is what we are seeing.

 

IT’S A SELLER’S MARKET! Tight inventory and high demand tend to put a seller in the driver’s seat concerning sale prices. This is mostly the case in the starter home and move up markets right now.

 

There are a great many people thronging the real estate marketplace seeking to purchase a home across the Front Range. Signed contracts are up almost 6.7% year-over-year with no signs of slowing down – except where those inventory shortages are forcing unhappy homeowner wannabe’s to sit tight and wait to buy their home. Depending on which market reports you read in any given month, the impression is the market is horrible or the market is wonderful. Volatility is the norm month-over-month, so taking a longer range view of things is the best way to get a more accurate fix on what is happening in real estate this season.

 

The new tax revisions and extensions of deductions for homeowners leave us with a very optimistic long range view of what to expect for the rest of this year and into next year, according to most of the statistic experts who are weighing in on this market. Contracts to buy a home have risen for the third month in a row. Inflation appears tame for the time being. Many thousands of new jobs have been created since January and while some challenges, such as those oft mentioned inventory shortages are expected to continue, the overall outlook is all systems GO!

 

All potential buyers should be greatly encouraged to go find that new dream home, take advantage of incredibly low mortgage interest rates and let 2018 be the year home ownership hopes are realized. The spring market kicked off to excellent statistics and the selling season is only expected to grow, grow, grow through the early fall and most probably into the early winter season.

 

Home prices have been heading upwards for a while now and continued price gains remain the likelihood, while slightly slowing or picking up speed depending on what happens with those inventory numbers. Probability is high they will persist upwardly mobile for the remainder of this year and most likely well into 2019.

 

Lawrence Yun, chief economist for the National Association of REALTORS, concludes that 2017 was the best year for existing home sales as any we’ve seen in over a decade. In spite of lingering challenges facing certain markets, Yun believes rising wages and an expanding economy will help boost housing even further in 2018, helping to push last year's gains even higher.

 

Colorado has consistently ranked top in the nation in real estate growth for over a decade and there is no discernible reason evident at this time not to remain encouraged that we will continue to see those high rankings for many years to come.

 

April 2018 Stats:

Area Active Units Units Sold Median Sales Price Average Days on Market
Adams County 2018 355 393 $360,000 17
2017 360 344 $325,750 17
Aurora 2018 591 615 $330,000 18
2017 620 626 $294,000 18
Boulder County 2018 627 365 $551,225 53
2017 706 393 $490,500 51
Broomfield/Westminster 2018 248 246 $397,150 17
2017 333 280 $373,500 17
Douglas County 2018 665 386 $460,500 25
2017 691 373 $435,000 30
Jefferson County 2018 543 554 $415,750 21
2017 594 537 $390,000 19
Metro Denver 2018 1543 1272 $440,000 20
2017 1668 1259 $395,000 23
Mountain Suburbs 2018 127 57 $630,000 34
2017 157 52 $576,250 38
Northern CO 2018 748 614 $347,218 72
2017 812 655 $319,198 69
South Denver 2018 595 642 $467,500 17
2017 714 658 $420,000 15

 

Source: REColorado and IRES MLS. Information deemed reliable but not guaranteed.

 

 



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