Holy cow guys, Christmas is exactly three weeks away. It's going to be 2018 in 4 weeks. How's the Denver Real Estate market holding up going into the last month of the year? Let's take a look back at what happened in November and see. 

Denver Metro Real Estate, All Ten Counties:

5,382 properties sold this month

  • This is represents 2.6% from last month and 1.7% higher than November 2016.

$395,000 median sale price for Single Family Homes this month

  • This is down from the record $410,000 we saw in June, but it is up a strong 7.9% from November of last year when the median single family home price was $366,000.

$272,500 median sale price for Condos/Townhouses this month

  • This is down 1.1% from last month and is up a strong 9% from November 2016. This is just shy of the all time record of $278,000 that was set in June 2017.

8,230 active listings available this month

  • This is is very similar to last month, down about 7.8%, it's also down 12.75% from the 9,433 listings we saw in November 2016.

97.5% was the average sale price, relative to the original listing price this month

  • This is down 0.2% from what we saw last month and down about identical to what we saw in November 2016.

 

Summary: While we often hear that the market tends to slow this time of year, based on the numbers we see here, it would appear that the market is still pretty hot. We have seen a little slow down compared to our peak earlier this summer, but our agents are still seeing multiple offers on some properties. 

Denver City Limits:

1,143 properties sold this month

  • This is up 5.0% from last month and represents exactly home more than the 1,142 sold in November of 2016.

$430,000 median sale price for Single Family Homes this month

  • This is higher than last month, showing a increase of 3.6%, this shows an increase of 11.7% from this time last year. This is just shy of the record set in June 2017.

$315,000 median sale price for Condos/Townhouses this month

  • This is down 10% from last month and down 3.1% from September 2016. 

1,491 active listings available this month

  • This is 9.7% fewer listings than last month and 16.3% fewer listings than this time last year.

97.1% was the average sale price, relative to the original listing price this month

  • This is 0.8% lower than what we saw last month and is the same rate from this time last year. It ties for the lowest sales price to original listing price ratio we've seen all year. 

 

Fun fact: While homes in Denver generally sell for more compared to the rest of the market, they actually take the same amount of time, on average, to sell as the rest of the market. Homes in Denver spend 23 days on the market on average. 

Luxury Market for The Metro Area (over $700,000):

448 properties sold this month

  • This is 10% lower than last month and an impressive 26.5% higher than November of 2016 where we saw 354 homes sell.

71 days was the average Days on Market this month

  • This is identical to last month and 9 days less than this time last year.  

5.17 "Months of Inventory" in November 2017

  • The number the pros watch most closely. We are starting to see a shift in the luxury market. This month's numbers indicate we are in a well balanced market. This means that the market does not favor either the buyer or the seller. 

$887,840 median sale price for Single Family Homes this month

  • Over the past year, this number has trended in the mid to upper $800's. This is slightly higher than what we saw last month. This is in-line with the overall trends in this price point, though it's a slight decrease from the recent peak of $927,500 this past January. Due to the generally low number of sales in the luxury segment compared to the market as a whole, we can see an artificial volatility with sale prices. The decrease in median sale price alone is not necessarily reflective of the change in the market. 

2,316 active listings available this month

  • This is down slightly from last month and down 2.6% from this time last year.

94.6% was the average sale price, relative to the original listing price this month

  • This is very much in line with historical trends for this time of year and given the current market shift. It represents a slight decrease from last month. It does suggest that buyers in this price range expect a little room for negotiation so it is imperative to price your house correctly the first time.