Denver Metro Real Estate Market Review
This time of year always brings good news and bad news. This year’s news is a bit different from previous years’ updates. There are definitely fewer buyers this year, which is good news. Housing prices and offers are still rising at quite an impressive rate. With fewer homes listed with each passing month, there is still a very competitive market in the Denver Metro Area. Opportunities are everywhere, but they move fast and typically over list price. Don’t worry, though. The Wise Team has a few tips for helping you through this real estate market.
Looking at the Denver Metro Real Estate Market as a whole, we’re still seeing prices rise about 9.5% over last year. The average sale price is a little over $612,000. In a surprising turn, this is just about 1% lower than last month’s average sales price. This may be due to home buying trends this time of year: fewer purchasers and fewer sellers creating competition that’s leveling off the rising price. As the prices rise and fewer buyers enter the market we’re seeing homes staying on MLS longer than previous months, an average of 14 days. Last year homes were hanging around for about 24 days, so we’re still selling faster than previous years. Still, buyers are offering more than list price most of the time.
Boulder County continues to drive the average prices sky high. The average price of a single family home in Boulder is currently $949,000, and still rising faster than the rest of the Denver Metro Area. This is largely due to the lack of inventory and high demand in Boulder County. November started off with only 105 single family homes listed on MLS. That’s a stark difference from last year with 319 available. Even with the shortage of homes and the high prices, houses are still selling twice as fast as last year.
Longmont itself is seeing similar trends to the rest of the Denver Metro Area. Average sale prices have stopped rising, and took a slight dip from last month. We’re seeing the average house in Longmont sell for around $510,000, down $15,000 from last month. This is still 9.7% over last year’s average sales price, a rise in tandem with the rest of the Denver Metro Area real estate market. Properties are staying on MLS longer than previous months, rising to 24 days on average. Longmont is still leaning toward a seller’s market, but there are still opportunities.
If you’re in the market for a new home, we have a few tips for how to navigate this competitive market during the holiday season. First and foremost, know your budget and what wiggle room you have. When you start looking for homes, shop listings that are 2% below your budget. This way you can put in an appealing offer slightly higher than list price. We also recommend you be flexible: look just outside your dream neighborhood and for different style homes. You may find an unexpected gem waiting for you. If you’re looking to make a quick purchase, browse through homes that have been on the market for more than a week. The longer they’ve been sitting, the more interested sellers are in selling.
For a more in depth conversation about your options, give us a call! We’re excited to help you navigate the real estate market, whether you’re looking to buy or sell.
The Wise Team