Key Takeaways for November 2017 via DMAR for Metro Denver:

• Active Inventory was 18.71% lower than last month and 7.8% lower from November 2016
  • November 2017 Active Listing was: 5,131
  • October 2017 Active Listing was: 6,312
  • September 2017 Active Listings was: 7,586
  • August 2017 Active Listings was 7,360
• Median Sales Price a condo in Metro Denver in November 2017 was: $272,000
  • Down from October 2017: $275,000
  • Up from September 2017: $268,000
  • Down from August’s $275,000
  • And up from July’s $270,100
• Median Sales Price a single-family residence in Metro Denver in November 2017 was: $405,000
  • Down from October 2017: $415,000
  • Down from September 2017: $409,000
  • Down just slightly from August’s 2017: $410,000
  • And down from July’s $420,000

An Overview of the Market:

•  “By contrast [to the 2007 market crash), today’s housing market is characterized by a significant mismatch between significant job and household growth (the factors that spur people to buy homes) and much tighter lending standards and historically low for-sale inventory (the factors that make it difficult for people to buy new homes). The result: extremely high home prices and a lot of frustrated buyers.” – Realtor.com
• In October, unemployment hit a 17-year low, at a rate of 4.1%. In 30 of the 50 largest U.S. metros, unemployment is less than half of 2010 levels…But at the same time, there are 600,000 fewer total housing starts and nearly 700,000 fewer single-family housing starts.”  – Realtor.com
• “Nationally, home prices are expected to rise by 3.1 percent or $6,275 for the median by next September, requiring borrowers to save $105 more a month to meet a 20 percent down payment.” – The Denver Post
• “Los Angeles now tops San Francisco as least affordable housing market.” -Housing Wire
• “Freddie Mac explained this year’s modest economic growth, robust jobs gains and low interest rates made the environment more favorable for mortgages. But despite these factors, the housing market began to stall in the summer and fall this year due to a lack of affordable homes for sale.” – Housing Wire

What’s Happening in Denver:

• “Zillow projects metro Denver’s median home price will rise from $372,800 in September to $383,667 a year later. That would lift a 20 percent down payment from $74,560 to $76,733, which translates into an extra $181 a month in savings.” – The Denver Post
• “Starting Jan. 1, 2018, buildings in Denver larger than 25,000 square feet will have to devote a portion of their rooftops to vegetation, now that Denver voters have approved the Green Roof Initiative.” – Denverite
• Half of people living in Denver are paying 30 percent or more of their income on rent. – Denverite
• Home price gains nationally strongest in three years. “Metro Denver home prices increased 7.2 percent in September, unchanged from the annual rate of gains measured in August and July, according to the latest update from S&P CoreLogic Case-Shiller Indices.” – Denver Post
• Denver named city most recovered since the recession, according to SmartAsset. – Builder

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!