We have been monitoring when the heat of the selling season will exist this year and good news for all you summer sellers, it looks like you are in for another great year! This year is playing out almost identically to what we saw last year. Take a look below for all your stats this month.
These are the same charts I referenced in the last market update in April, so again you have 7% appreciation in the first 3 months of 2017 then 2% in April before leveling off for the summer. This year we had 6.4% in the first 3 months then another 2.9% between March and June 1st for a total of 9.3% - almost identical to what happened in the spring of 2017. Thus you should expect summer 2018 to look summer 2017 as well; strong sellers market will continue but with a leveling off of the monthly appreciation and the ferocity of which buyers compete in multiple offer situations.
Denver Metro Real Estate, All Ten Counties:
6,735 properties sold this month
- Big uptick as we enter the summer, June-Aug are always the highest volume months. For June this is about normal, it is a 2% increase from June 2017.
$435,000 median sale price for Single Family Homes this month
- This is a 7.1% year-over-year appreciation from June 2017.
$305,000 median sale price for Condos/Townhouses this month
- Condos and Townhouses continue to be the strong riser in the market, this is a massive 13.5% increase from the median we saw in June 2017.
9,632 active listings available on any given day this month
9,321 new listings posted during this month
- This is 1,026 more new listings than last month, and a whopping 1,701 more than March. Its a good time to be a buyer, your options are more than spring this always happens between June and august so you should expect to see this level of volume continue in the coming months. This is also an 8.4% increase from this time last year, a good sign that the appreciation of the year should level off as we referenced above.
99.9% was the average sale price, relative to the original listing price this month
- The Selling Season is really here my friends! Price right, market right and you'll get asking price or above. This number is really a balance of those homes priced over-market-value and negotiated down vs those priced correctly and then bid up in a bidding war of multiple Buyers landing on the same house at the same time.
Summary: Things are playing out about as we predicted in the beginning of the year since last fall we have been predicting 6-7% appreciation for 2018 as you can see with 7.1% year-over-year appreciation for May coupled with the leveling off of appreciation that typically occurs through late summer and fall we believe 6-7% should be the final appreciation for 2018. For you buyers out there, a little patience goes a long way along with more and more houses on the market each month this summer should be a good time to find your dream home.
Denver City Limits:
1,439 properties sold this month
- This is 146 more homes sold than last and 141 more than May 2017, so within the statistical norms here for March.
$490,111 median sale price for Single Family Homes this month
- This is huge. Denver single-family homes are up 12.2% year-over-year from last May, showing Denver city is still appreciating at a huge rate (and well surpassing the total metro numbers). However this is actually down 2.0% from last month, so we should be leveling off for the year.
$398,000 median sale price for Condos/Townhouses this month
- This is up 6.1% from last month and 23.6% from May 2017. This is a very interesting one to monitor 6.1% in one month is highly unusual. could this be an aberration caused by a strong month in luxury? Time will tell but my gut says yes.
1,789 active listings available on any given day this month
1,901 new listings posted during this month
- This is up 8.1% from last month and 9.4% from last year. Buyers we hear you, things are tough but there should be more options for you throughout the summer. Nearly 10% uptick is great news!
100% was the average sale price, relative to the original listing price this month
- Up ever so slightly from last month and last year, this has remained pretty steady the last few years.