North Metro Denver Real Estate Market Report 2019 Year In Review & 2020 Market Outlook
North Metro Denver Real Estate 2019 Year In Review and 2020 Market Outlook
Read about the North Metro Denver Real Estate Market Report 2019 Year In Review & 2020 Market Outlook here! Inventory continues to be scarce as we kickoff 2020. Here’s a historical perspective from the Denver Metro Association of Realtors: Active listings reached their highest point in July 2006 with 31,989 listings. During that period of record highs, months of inventory stood at 6.6 months which implied a robust homebuyer’s market. The record-low month was in December 2017 with 3,854 listings. A year later, that number increased 44.7 percent to 5,577. This growth in housing inventory was due in part to sluggish sales and a higher number of new listings entering the market. According to the numbers, this trend started to reverse itself toward the midpoint of 2019 with November representing the first month in the previous 13 that showed a decrease in listings compared to the previous year.
North Metro Denver Real Estate Single Family Home Sales by Price
Now, at the end of 2019, the main reason we saw fewer choices was not because more were going under contract or selling, but because nearly 30 percent fewer new listings came on the market in December compared to the month prior. Considering the average rate of home sales, it would take only 1.13 months to sell all single-family homes and 1.37 months to sell all condos in the Denver area. For perspective, at a peak in January 2010 we had 9.8 months of attached (condo) home inventory and 8.4 months of detached (single-family) homes. Anything under four months means sellers have the power in negotiations, while more than five months means buyers have control. We have started 2020 with sellers firmly in control.
Thornton Single Family Homes YTD Over the Last 5 Years
2019 also established a new historical high and marked the eighth consecutive year of price gains. In 2019 the average home price was $486,695 and the median home price was $420,000, up 2.85 percent and 2.46 percent respectively compared to 2018.
Brighton Single Family Homes YTD Over the Last 5 Years
Despite more price reductions, home values continued to go up in 2019. Not at 8-9 percent like we saw earlier in the 2010’s, but up nonetheless. If you take a longer look back to get more perspective, you’ll see what a fabulous investment real estate is in the Denver metro area. The average residential close price increased 87.82 percent from 2010 when it was only $259,084. According to DMAR, over the last 30 years the average home price in metro Denver has increased a staggering 417 percent. Growth has been consistent since 1990 except during the mortgage market collapse from 2007-2009.
If you want similar in-depth information and a breakdown of different areas such as Gleneages Estates, Todd Creek, Brighton Crossing-Brighton East, Eagle Shadow, Keenesburg and Cavanaugh Hills download the full 13-page North Metro Denver Real Estate Market Report 2019 Year In Review & 2020 Market Outlook
Helping You Make Informed Decisions Regarding North Metro Denver Real Estate
I produce this monthly report to provide you with a high level overview by looking at the patterns and trends. My goal is to help YOU make sense of the numbers so you can make informed decision. It is my hope that this report helps you to ”See the Big Picture and All the Details!”
If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Home Estimate that I routinely prepare for my clients, please contact me, I would be happy to go to work and get that to you.
This report covers Single Family Homes for the Brighton, Thornton, Broomfield and Westminster area which includes the specific areas such as Gleneagles Estates, Todd Creek, Brighton Crossing-Brighton East, Eagle Shadow and Cavanaugh Hills.
You will also see a ”slice” of the data by Price Range and by Area for Single Family Homes to provide a more insightful view of the market.
How can I help you with Your North Metro Denver Real Estate Needs?
This North Metro Denver Real Estate Market Report 2019 Year In Review & 2020 Market Outlook and the level of detail is representative of what you can expect from me as your Real Estate Agent. I hope I can provide the same amount of expertise and insight for you when you are looking to buy or sell in the North Metro Denver area.
Do you wonder what your home is worth in the current market? Do you have questions or want more information about something in the market report? Do you desire a specific Home Estimate that I routinely prepare for my clients? Please contact me or visit this link to get the ball rolling.