January 2019 Denver Real Estate Market: Key Trends and Insights
See below for our full report for January 2019 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
Market Indicators to Watch
According to Realtor.com, “The real metric to keep an eye on is entry-level homes, which are key to getting today’s market back in balance. These homes are still in short supply.”
Mortgage applications remain high in Colorado and the rest of the country, a good sign that buyer confidence is not diminishing.
In January 2019, we had 5,881 active listings on the market. From 1985-2018, the average active listing number for January is 13,469. The record high was January 2008 with 24,550 and the record low was 3,869 last year.
Denver’s home inventory remains low into 2019, and has been—below 10,000 active listings that is— since late 2013.
The supply of new homes is likely to remain tight in the coming year, with a low supply of lots, not enough labor, and rising building costs.
Best time to sell in 2019
According to DMAR, the best time to list your home is March, April and May 2019 due to high buyer activity and less competition in the marketplace. Over the past few years, we’ve seen the number of under contract homes start to decline in June as buyers get burnt out and summer vacations take full swing. Let us know if we can help you determine the best time to list your home.
Key Takeaways for January 2019 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 January 2019: 5,881
- December 2018: 5,577
- November 2018: 7,530
- October 2018: 8,539
- September 2018: 8,807
- August 2018: 8,228
- July 2018: 7,643
- June 2018: 7,436
- May 2018: 6,437
- April 2018: 5,160
- March 2018: 4,619
- February 2018: 4,084
- January 2018: 3,869
- December 2017: 3,854
- November 2017: 5,131
- October 2017: 6,312
- September 2017: 7,586
- August 2017: 7,360
- Median Sold Price for a condo in Denver metro in January 2019 was: $290,000
- December 2018: $298,225
- November 2018: $299,450
- October 2018: $299,250
- September 2018: $301,625
- August 2018: $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 Sold Price a single-family residence in Denver metro in January 2019 was: $425,000
- December 2018: $430,000
- November 2018: $427,000
- October 2018: $435,000
- September 2018: $428,000
- August 2018: $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
What’s Happening in Denver:
Row Homes are Filling the Condo Void
“With the continued scarcity of for-sale condominiums available in Denver, a different product type – row homes – are filling the void. There are several row home developments currently underway in Denver, including Observatory Row in University Hills neighborhood and Perry Row in Sloan’s Lake. The individual-home design of row homes is preferable to buyers that don’t want to live in a multi-story, multi-residence condo building.” – ColoradoBiz
Denver’s rental assistance program has been extended
“The new contracts totaling $2 million bring the city’s total spending on TRUA to nearly $4 million.” – Denverite
With Denver housing troubles at ‘crisis level,’ national nonprofit developer Mercy Housing puts focus on its own backyard
“Denver’s crisis has drawn new players and funding sources to affordable housing.” – Denverite
Market Insights: February 2019
“Even though inventory today is higher than a year ago, key drivers of insufficient housing supply continue to be: expensive land/lack of land, rising material/labor costs, few incentives for innovation, state and local regulations and community opposition.” – DMAR
Denver suburb among most desirable in U.S. for renters
“‘Due to a surplus of available apartments, average rents declined for the second quarter in a row and ended at $1,456 for 2018,’ Mark Williams, executive vice president of the Apartment Association of Metro Denver, said in a statement Tuesday.” – Denverite
What’s Happening Nationally:
Why Technology Hasn’t Fixed the Housing Crisis
“Billions have been flowing into a corner of the tech industry focused on the housing market. And now there are start-ups to help landlords manage properties, or homeowners manage sales, or tenants manage their packages.” – New York Times
Real House Prices Up
Freddie Mac: Housing market holds its ground in January
“The housing market continues to hold its ground in January, after receiving a boost from declining mortgage rates and slow home price growth at the end of 2018, according to Freddie Mac’s January Forecast.” – HousingWire
Report for Metro 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!
