November 2018 Housing Market Statistics
The Denver Metro Area housing market saw a decline in home sales during November, while average sold prices have leveled off month over month.
November home sales dropped 17 percent from this time last year. Throughout the month, 4,040 homes sold compared to 4,885 in November 2017. Home sales saw a seasonal month-over-month decrease of 11%.
The number of homes that moved to Under Contract in November was 4% lower than last year. Throughout the month, contracts were placed on 3,941homes, a 11% decrease from last month.
Home Sales Year-Over-Year Change
November 2017 -- 4,885
As compared to last year at this time, at $461,521,the average price of a single-family home is up 6%. Month over month, home prices have cooled. Prices are down 2% compared to last month and down 6% from the June peak.
The average price of a single-family detached home was $504,699 up 5% year over year. Prices of condos/townhomes were up 10% from last year, to $357,617.
Sold Prices Year-Over-Year Change
November 2017 -- $434,256
New and Active Listings
In November, 3,910 new listings of homes for sale were added to the greater Denver area market, a seasonal 27% decrease from last month. However, compared to last year, 7% more new homes were brought to the market, giving buyers more choices.
Inventory levels, measured by the number of available active listings at the end of the month, saw a seasonal decrease of 17%. However, the number of active listings is up 72% compared to this time last year.
We have 8 weeks of inventory, unchanged from last month, but 3 weeks more than last year.
New Listings Year-Over-Year Change
November 2017 -- 3,670
Average Days on Market
In November, homes spent an average of 44 days on the market, 2 days less than last month, but 2 days more than last year. On average, single-family detached homes were on the market for 39 days, while condos/ townhomes were on the market for 58 days.
The median amount of time a home spent on the market in November was 20 days, 6 days more than this time last year. With nearly half of homes for sale spending just under 3 weeks on the market, buyers have more time to shop.
Days on Market Year-Over-Year Change
November 2017 -- 42 days
The Greater Denver Metro Market by Price Range
With 28% of total new listings and 31% of all sales, November’s most active price range was $300-400,000. Homes in this range were among the quickest to sell, spending an average of 31 days on the market. In November, 47% or 583 of the homes sold in the $300-400,000 price range were located in Adams and Arapahoe counties. Although sales are strong in this range, year to date they have decreased 7% as more homes move into the $400-500,000 range. Year to date, the total number of homes is down 4%; however, sales in the $400-500,000 range have increased 9%.