Denver Metro Real Estate year over year comparison
If you live, work, consider moving to or moving from the Denver metro area, you may also be interested in hearing about how the real estate market is doing. After all, your home could be your biggest asset, biggest investment, biggest influencer of an eminent decision.
This video is courtesy of the local Denver MLS. If you have 2 minutes to grab a little education about the Denver metro real estate market, then this will surely fit the bill. If you don’t, then scroll down for Dallice’s summary and opinion.
This data corresponds to single family houses in the Denver metro area November 2017 compared with November 2018.
- Sales down 7%
- Average sale price up 6%
- Average days on market up by 2 days
- Number of weeks of inventory up by 1 week
- Number of new listings is up 7%
- Number of listings under contract is down 4%
In a nutshell with both inventory and days on market slightly up and the number of listings under contract actually down, I’d say still NOT a buyers market but less strongly a seller’s market that it was a year ago.
Now keep in mind that mortgage interest rates are up almost 1% (for a 30 year fixed rate mortgage) since November 2017.
The question my buyers often have is, should I wait? If the market is softening will I get a better price for the same house in a year? None of us has a crystal ball, but it’s safe to say that if you asked that this year, you can now say the answer was No. Prices are still rising, just not as fast. Interest rates are higher too. Your monthly payment for the same house today as last November is definitely higher. Do the math.
2017: A $400K loan with a 3.9% interest rate = $1887/month mortgage payment
2018: A 400K loan with a 4.9% interest rate = $2123/month mortgage payment
YES! The actual cost of waiting a year is $236/month right now. What will that figure be next year?