As Denver mortgage lender, a large part of my job is educating my clients on the different aspects that are involved in the mortgage process. While I have found that it is important for my clients to be familiar with the different steps they will be required to take throughout the process, it is also important for them to stay updated on the local real estate market.
I believe that by helping my clients understand this information, I am helping them make more confident decisions about the purchase of their new home.
According to the most recent report released by the Denver Metro Association of Realtors, the inventory of active listing in the Denver single-family market has dropped by almost 40% from where it was at this time last year. At the end of November 2016, there was an inventory of 1,123 active listings. At the end of November 2017, there was an inventory of only 662 active listings – a drop of 39.3%.
Nearly every other market statistic, however, has increased on a year-over-year basis for the month of November. 2016 saw 537 new listings and 655 sales, while 2017 saw 571 new listings and 662 sales, increases of 6.3% and 1.1% respectively.
The median sales price of single-family Denver homes was recorded at $385,000 at the end of November 2016 and rose by 11.7% over the year, ending November 2017 at $430,000. The average sales price, while a bit higher than the median sales price, increased by a smaller percentage when the two months are compared again. The average sale price for November 2016 was $491,450 and the average sales price for November 2017 was $527,167 which shows an increase of only 7.3%.
For help understanding how the local market impacts your home financing options, give the RJ Baxter team a call today!