The real estate market in December was unusually strong for this time of year. Market statistics reflected a significant increase in closed sales compared to December 2018 and a considerable increase in under contract (new sales) for single family homes compared to December 2018. The supply of homes for sale declined in December and remains historically low which will continue to support the market. Given the strong market performance in December a strong early Spring market appears likely. A few highlights from December:
- Number of available listings for the month decreased by 9.68% in a year over year comparison.
- Number of Homes Sold increased 10.7% in a year over year comparison.
- Single Family Homes placed under contract (pending sale) increased 11.15%% in a year over year comparison.
- Average Sold price increased 4.93% in a year over year comparison.
- Less than a two-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
- Average days on market (41) increased 17.1% from November reflecting moderate sales activity in November
- Mortgage rates remained in a range of 3.60% to 3.85%
- Strong sales activity in December combined with a persistent low inventory of homes for sale suggests a potentially strong early Spring market
Bottom line, current market conditions are generally positive for most buyers and sellers. The underlying trend towards a more balanced market may be less pronounced early in the New Year. Favorable mortgage interest rates, low inventory of homes for sale and increased demand for homes may lift the market early in the New Year. If a move is in your future, now is a great time to start the planning process. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on December 2019 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report
or contact us for more information.
Questions? Let’s talk – contact us anytime to discuss your questions, plans or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.