Denver Real Estate Market Report for August 2018
In August 2018, inventory reached its highest level in four years, according to DMAR, and year-over-year active listings were up 11.79 percent. Appreciation was very strong this month with a 9.73 percent increase in average sold price of all residential homes year-over-year.
See below for our full report for August 2018 and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market each month. To get on the email list, please reach out to marketing@usajrealtystg.wpenginepowered.com and request to be added!
Prices took a dip from from last month, but year-over-year they are higher. For example, August’s median sold price was $405,000 and last year it was $375,000 (Source: REcolorado, only including Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties). Seasonally, it is typical to see this dip during the cooler months of the year. See chart below:
Number of homes sold also took a downturn this month, but again, it is typical for Denver during this time of year to see this dip in the number of sales. See the chart below for a visualization of this apparent trend. Nationally, sales are also down: “Low inventory and high prices have slowed down the entire housing market, which is mostly made up of previously owned homes. Existing-home sales fell for the fourth straight month in July to their lowest level in over two years, the National Association of Realtors reported last week,” said CNN.
Key Takeaways for August 2018 via DMAR for Metro Denver
Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
- Active Inventory in August 2018: 8,228
- July 2018 Active Listings: 7,643
- June 2018 Active Listings: 7,436
- May 2018 Active Listings: 6,437
- April 2018 Active Listings: 5,160
- March 2018 Active Listings: 4,619
- February 2018 Active Listings: 4,084
- January 2018 Active Listings: 3,869
- December 2017 Active Listings: 3,854
- November 2017 Active Listing: 5,131
- October 2017 Active Listing: 6,312
- September 2017 Active Listings: 7,586
- August 2017 Active Listings: 7,360
- Median Sales Price for a condo in Metro Denver in August 2018 was: $299,000
- July 2018: $300,000
- June 2018: $305,000
- May 2018: $306,331
- April 2018: $297,000
- March 2018: $295,000
- February 2018: $296,000
- January 2018: $285,000
- December 2017: $285,000
- November 2017: $272,000
- October 2017: $275,000
- September 2017: $268,000
- August 2017 $275,000
- July 2017: $270,100
- Median Sales Price a single-family residence in Metro Denver in August 2018 was: $445,000
- July 2018: $450,000
- June 2018: $452,500
- May 2018: $450,000
- April 2018: $455,000
- March 2018: $440,875
- February 2018: $435,000
- January 2018 was $416,000
- December 2017: $415,000
- November 2017: $405,000
- October 2017: $415,000
- September 2017: $409,000
- August 2017: $410,000
- July 2017: $420,000
An Overview of the National Market:
The New Housing Crisis: Shut Out Of The Market
“Home construction per household is now at its lowest levels in nearly six decades…In Boise, an analysis by the U.S. Department of Housing and Urban Development showed there is a demand for more than 10 times the number of homes being built right now…Single-family home construction is now at its lowest rate in four decades.
Zillow: No Buyers Market Until at Least 2020
“Annual home-value appreciation has been faster in 2018 than it was in 2017, and inventory has fallen on a year-over-year basis for 42 consecutive months. These conditions have put sellers in the driver’s seat for the past few years. Recently, though, data suggest the balance may be starting to tilt back toward buyers. Home-value growth is slowing in more than half of the nation’s 35 largest metros, and price cuts are becoming more common. But even in those markets where appreciation has slowed, it remains above its historic average rate and sellers continue to have the upper hand, particularly at the most affordable price points.” – Builder
What’s Happening in Denver:
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!