Sellers still have upper hand in Denver housing market as inventory remains tight

In Condo Tracker, Market Trendsby BreAnn BellLeave a Comment

It continues to be a seller’s market across metro Denver as inventory remains low, but there is some silver lining for buyers.

The Denver Metro Association of Realtors released its January market overview this week. While there was a nearly 90% jump from the previous month in new listings, buyers quickly scooped up those homes with 43% more homes going under contract. That resulted in the month ending with 4,941 active listings, which is a 1.9% drop from December.

Activity in January alone shows there are plenty of buyers waiting for that perfect home or condo to pop up on the MLS. So, if you’re a seller on the fence on whether or not to list your residence, rest assured that it will likely be a quick, smooth sale.

While sellers remain in the driver’s seat across metro Denver, it’s not all bad news for buyers.

For starters, average and median close prices remain flat from the previous month, allowing those buyers to better prepare financially for those purchases. In the condo segment, the average close price in January was $355,754, which is actually down nearly 5% from December and down 0.37% from January 2018. (Single-family home average close prices are up 6.86% from the previous year at $532,494.)

Overall inventory is down, but the total number of active single-family and condo listings in the luxury market — properties priced at $1 million and above — actually favor buyers. There’s just under seven months of inventory in that segment for single-family homes and 8.5 months for luxury condos. Sellers remain in control of negotiations in all other price ranges.

Metro Denver housing stats (11-county region)

Condo: January 2020:

  • Active Listings: 1,644
  • Average days in MLS: 45
  • Average closed price: $355,754
  • Average price reduction: 1.26%

Single-family: January 2020:

  • Active listings: 3,297
  • Average days in MLS: 45
  • Average closed price: $532,494
  • Average price reduction: 1.31%

Downtown Denver Condo Stats*:

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