How time flies. Christmas is three weeks away (even though it doesn't really feel like winter yet) Has the weather had any impact on the South Metro real estate market? Let's take a a bit of a closer look at the Denver South Metro area Market and find out. For this article, we are defining this as south of Hampden, west to Ken Caryl, East to Aurora and all the way down to Castle Rock.

 

South Metro Real Estate:

1,323 properties sold this month

  • This is down about 11.3% from last month and down about 9% from this time last year.

$440,000 median sale price for Single Family Homes this month

  • This is down just 2.2% from last month, and up almost 7.1% from November 2016. This is down from the all time record set in April 2017 of $454,250.

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

  • This is down 1.6% from last month and is up a strong 13.5% from November 2016.

1,698 active listings available this month

  • This is down about 20.4% from last month, and down 18.9% from November 2016 when there were 2,093 listings available.

97.6% was the average sale price, relative to the original listing price this month

  • This is down a little from last month but about the same as this time last year. This is in line with what we are seeing. Prices do tend to go down slightly during the winter months, especially around the holidays. 

 

Fun fact: This year has been a record setting year for the South Denver Metro area. Despite what you might hear about how quickly homes are selling, the market average for the South Denver Metro area shows it takes 22 to sell the average home. This is 1 day less than the Denver Market as a whole. 

 

Parker City Limits:

152 properties sold this month

  • This is a decrease of 55 homes from last month and down 40  homes from November 2016 when 192 homes sold in Parker.

$481,000 median sale price for Single Family Homes this month

  • This is up 4.3% compared to last month and up about 6.8% from November 2016 when the median was $450,000.

$263,500 median sale price for Condos/Townhouses this month

  • This is 4.1% lower than this time last year. The median cost for condos/townhomes in Parker is approximately 2.6% higher when compared to the entire South Metro median for the month of November.

274 active listings available this month

  • This is 65 fewer than last month and but about 55 homes less than this time last year.

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

  • This is the same compared to the market as a whole. For Parker, this is 0.5% lower than it was last month and 0.3% higher than it was this time last year.

 

Fun fact: Homes in Highlands Ranch this month took an average of 25 days to sell. The market as a whole required an average of 27 days to sell a home. 

 

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

101 properties sold this month

  • This is down 29 homes from last month but and about the same as the 104 homes we saw sell September of 2016

75 days was the average Days on Market this month

  • While this is 4 days longer than last month, its a little more in line with historical trends. We may have had a good month this past month, but this is not necessarily indicative of a market shift. This number is generally somewhere in the 70-80 day range.

5.4 "Months of Inventory" in November 2017

  • The number the pros watch most closely. This is a balanced market, maybe leaning slightly towards a seller's market., not the bullish Seller's market we're seeing in the lower price points. This was at 5.1 months of inventory last month, and was at 6.5 months this time last year. Over the past year, Months of inventory has averaged close to 6, with peaks in January and February. Overall this is a balanced market. While this may appear to break the trend a little, this is in line with the summer activity we see in the luxury market 

$900,000 median sale price for Single Family Homes this month

  • Over the past year, this number has trended in the low to mid 900's. This is slightly lower than we saw earlier in the summer. This is in-line with the overall trends in this price point, though it's a slight decrease from the recent peak of $950,000 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. 

598 active listings available this month

  • This is down about 97 homes from last month and is 97 homes less than this time last year.

94.1% was the average sale price, relative to the original listing price this month

  • This is very much in line with historical trends. It's just below the peak in June 2017 of 97.1 %. It does suggest that buyers in this price range expect a little room for negotiation so it is imperative to price your house correctly.