Denver Metro Year-End Market Statistics and My Prediction for 2020
The latest year-end Denver Metro housing market statistics show buyer demand was strong in 2019. Sales were 4% higher compared to 2018 and just 1% lower than the 10-year peak we saw in 2017. Home prices continued to increase, but at a more modest rate than we’ve seen in previous years. At year end, the average sold price of a home in the Denver Metro area was $486,595. As compared in 2018, we saw 4% more new listings of homes for sale, giving buyers more options.
At this time last year I predicted that we would see about 3% appreciation here in the Denver area. I was pretty close. For 2020 I’m predicting just a little bit lower. Somewhere in the 2%-3% range. I think that anything above that would be a bonus.
Based on my past experience over the past 4 decades, I believe that positive, modest appreciation will continue for at least 3 more years until the market sees a downturn.
If you have real estate plans for 2020 I hope you’ll get in touch with me. It would be my pleasure to help you!
Hope 2020 is a great one for you!!!
Jeff
Home Sales
Buyer demand was strong in 2019, pushing home sales in the Denver Metro 4% higher than what we saw in 2018.
Prices
The average sold price of homes in the Denver metro area continued to increase, but at a more modest rate than we’ve seen in recent years. In 2019 the average sold price saw a year-over-year increase of 3%. The price of detached homes increased 2.5%, while condos/townhomes increased 4%.
New Listings
The Denver Metro area saw more new listings come to the market than we’ve seen since 2013, which helped to push up inventory levels, giving eager buyers more choices. New listings of detached homes increased 3% and condos/townhomes increased 9%.
Days on Market
The average number of days a Denver Metro home spent on the increased by 1 day in 2019 to 41 days. Detached homes sold more quickly, in an average of 37 days, while attached homes sold in 52 days on average.
Average Active Listings at Month End
In 2019, there was an average of 7,649 active listings of homes for sale at the end of each month, 17% higher than the 2018 average. In August 2019, the market hit a peak of 9,511 active listings on the market.
Average Weeks of Inventory
The Denver Metro area averaged 7 weeks of inventory in 2019, one week more than last year. Weeks of inventory climbed above 2 months in September.
