Home Sellers in metro Denver are still in control in all housing price ranges, except homes priced over $1 million where buyers and sellers are on equal footing, according to the December 2018 housing market report compiled by the Denver Metro Association of Realtors (DMAR). In 2018, compared to last year, the number of home sales was down 5.52 percent, while housing inventory was up 44.71 percent by year-end, according to the DMAR report.
The average sales price in 2018 was $473,539 with a median of $409,900 for all residential homes, up 8.34 percent and 7.87 percent year-over-year, respectively. The average price for a single-family home was $522,839, up 8.05 percent, while the average price of a condominium increased 9.82 percent, ending 2018 at $351,677.
A spokesperson for DMAR said that buyers celebrated in May and June with a jump in inventory, causing a market adjustment in the second half of the year. With more competition, many sellers had to make price reductions for the first time in years.
Sales volume for the entire residential market hit a high in 2018 at $26.5 billion, up 2.36 percent compared to 2017. Homes sold and closed for $1 million or greater totaled 2,156 in 2018, up 18.14 percent from 2017. The luxury segment of the housing market in 2018 was a record-breaking $3.29 billion, up 18.10 percent compared to the prior year, according to the DMAR report. Activity for single-family homes priced over $1 million was up 39.4 percent, with 3,892 listings in 2018. Condo listings were up 58.66 percent year-over-year with 1,685 active listings at year-end.
The market report also states that homes are selling faster in the luxury market and the closed list-price differential is negligible. A Total of 112 homes sold during December, down slightly from 115 in November and 118 year-over-year. The average days on the market for luxury homes dipped slightly to 72 in December from 74 days in November and 110 year-over-year.
The luxury condo market held strong with 16 units sold in December, which is on target with the 16 units sold in November and in December 2017. The days on the market in the condo sector dropped over 55 percent to 54 days in December and 121 days in both the month prior and December 2017.
The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the metro Denver area. Data for the report is sourced from REColorado and interpreted by DMAR.