December 2018 Housing Market Statistics
As 2018 came to a close, the housing market saw a seasonal decline in home sales across the Denver Metro Area. Homes are spending a few days longer on the market while average sold prices continue to moderate.
December saw sales cool a bit, which is typical as the holiday season sets in. Throughout the month, 3,655 homes sold, 17% less than last year, and a month-over-month decrease of 1%. The year ended with sales 5% lower than 2017.
The number of homes that moved to Under Contract in December was 7% higher than last year. Throughout the month, contracts were placed on 3,239 homes, a 14% decrease from November.
Home Sales Year-Over-Year Change
December 2017 -- 4,408
The rate at which home prices are increasing is continuing to moderate. In December, the average price of a single-family home inched up 1% month over month to $463,916. As compared to last year, prices are 4% higher.
In December, the average price of a single-family detached home was $506,751 up 4% year over year. The price of condos/townhomes rose 2% year over year to $349,083.
Sold Prices Year-Over-Year Change
December 2017 -- $444,299
New and Active Listings
In December, the number of new listings of homes for sale saw a seasonal decrease. In the greater Denver area, 2,303 new listings were brought to the market, 41% less than last month and 3% less than last year at this time.
The count of active listings of homes for sale also decreased. At the end of December, there were 5,795 active listings, 32% less than last month and 51% higher than this time last year.
We have 7 weeks of inventory, 1 week less than last month, but 3 weeks more than last year at this time.
New Listings Year-Over-Year Change
December 2017 -- 2,383
Average Days on Market
In December, homes spent an average of 56 days on the market, 11 days more than last month and 6 days more than this time last year. On average, single-family detached homes were on the market for 51 days, while condos/townhomes were on the market for 70 days.
The median amount of time a home spent on the market in December was 28 days, 11 days more than this time last year. Half of all homes on the market are selling in 3 weeks or less.
Days on Market Year-Over-Year Change
December 2017 -- 50 days
The Greater Denver Metro Market by Price Range
In December, sales outpaced new listings in every price range, with the exception of $2M+, pushing inventory levels down 18% as compared to last month. The $300-400,000 price range saw the most activity with 29% of new listings and 31% of listings sold. At the end of December, there were 1,069 active listings on the market in the $300-400,000 range. In the Denver Metro area, 2493 or 45% are located in Arapahoe or Denver Counties.