First American Title – Eagle Examiner – April 2018 Market Statistics

Despite the bomb cyclone and cold spells, the market saw a seasonal simmer as spring picked up steam with real estate transactions in March. Buyers had 21.75 percent more new attached and detached home choices, and liked what they saw, with the number of homes going under contract up 27.39 percent from February. When more homes go under contract than come on the market. it begins to chip away at the surplus inventory that built up in the last half of 2018.

Here’s what else was up at the end of the first quarter of 2019: single-family active listings (up 26.29 percent year-to­-date), new listings (up 199 percent year-to-date) and days on market, which more than doubled from seven in 2018 to 15 year-to-date. Prices were up too, but just barely. The single-family average price was up just a bit, 0.95 percent year­-to-date, to $516,469. The median was up even less. 0.34 percent. to $436,500. The bump was a little bigger for condo price, but not much. Notably, the average attached-home price ended the first quarter at $356,142 year-to-date. Have price increases peaked?

Not everything was popping up like daffodils in my yard. The number of detached single-family homes and condos sold so far in 2019 dropped 5.79 percent and thus the sales volume was also down 4.36 percent year-to-date. Buyers are pushing back on sellers’ list prices with the close to list price ratio down to 99.04 percent. which is the lowest ratio it’s been at this point in the past four years.

We continue to have an affordabilily issue in the metro area, but in the attached-home market, new Iistings, under con­tracts and active listings were all up this month. We ended March with an average condo sold price of $360,875 and a median of $300,000. Does that mean people are finally getting a chance to get their own piece of the American Dream? Attached homes can be built for less, and price-wise may be the opportunity buyers need.

The number of agents still searching for something to meet their buyer’s needs is reflected in the low months of inven­tory. The market under $1 million is still very much a seller’s market and we are teetering on an equal market between buyers and sellers over $1 million with 5.16 months of single family inventory and 5.59 months of attached home inventory. At this point. buyers do not have the upper hand in any price range.

Sellers need to be priced right from the very beginning, and have homes in move-in ready condition to get full price or higher offers, but buyers still have to put their best foot forward, because there still isn’t a lot out there to choose from. Does this mean we are in for another record-breaking spring and summer, or are there signs that we are calming down and balancing out? In my opinion. we won’t be breaking records, but we aren’t slowing down much either, just enough to take a big breath and get back out there ready to buy and sell. It’s spring after all, and that’s what happens at this time of year.

~Jill Schafer, Chair of the DMAR Market Trends Committee and Denver real estate agent