Real Estate Advisor—End of the Year 2019 Market Report Courtesy of Land Title Guarantee Co.
Market Analysis % Change 2019 vs. 2018: Monetary volume ($181,553,368) in December 2019 was up 27% from December 2018. Transactions (230) were up 29% from December 2018. Full-year 2019 monetary volume ended with a new summit record high and 9% ahead of 2018, and transactions were down 3% compared to 2018. With monetary volume up and the number of transactions down, what do you think that says about prices?
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single-family is +11%,
- Multi-Family is +7%,
- and vacant land is -6%.
Median indicators for $:
- Single-family are +9%,
- multi-family are +11%,
- and vacant land is -6%.
The Luxury Market Is Still the Hottest Segment:
- YTD '19: 454 properties sold for $1M and over.
- YTD '18: 381 properties sold for $1M and over.
- YTD '17: 342 properties sold for $1M and over. That's a 25% increase in just two years.
Time on Market: This is trending upwards. Median days on market for February '19 was at 34; May was down to 15. October crept back up to 34. December jumped to 50!! Average days have skyrocketed to 88, which means things are slowing. This is an opportunity to negotiate. Best conditions in years for buyers!
Buyer Demographics:
- Front Range: 43%
- Local, including relocating: 29%
- Out of State: 27%
- International: 0%.
- 30% of transactions were cash.
The inventory is 441 total units listed for sale right now. Pretty low again. One thing you can be confident of: if it's still on the market, the seller is motivated. The time has never been better; what is holding you back?!
