Real Estate Advisor—End of the Year 2018 Market Report Courtesy of Land Title Guarantee Co.
Market Analysis % Change: December 2018 vs. 2017: Are we seeing a slowdown? : Monetary volume ($143,100,278) in December 2018 was down 6% from December 2017. Transactions (178) were down 23% from October 2017. Full-year 2018 monetary volume is up 5% from 2017, and transactions were down 4% in 2018 compared to 2017. We still suffer from rock-bottom inventory. Fewer than 400 properties are available to buy.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single Family 5%,
- Multi-Family +10%,
- and Vacant Land +13%.
Median indicators for $:
- single-family are +7%,
- multi-family are +10%,
- and vacant land is +16%.
Luxury Market Explodes Big Time!
- EOY '18: 381 properties sold for $1M and over
- EOY 2017: 342 properties sold at $1M and over
- EOY 2016: 225 properties sold at $1M and over.
Time on Market: Demand is still crazy; median days on market was only 13 days in July '17 and dropped to an amazing median of 11 days on market for April 2018. December was still only 24! Move quickly if you see something you like; it's not going to wait for you.
Buyer Demographics:
- Front Range: 42%
- Local including relocating: 30%
- Out of State: 28%
- International: 0%.
- In 2018, 33% of transactions were cash.
Inventory has dropped significantly, with less than 400 properties on the market right now. If you see something you like, snatch it up because it may be a while before you see something good again.
The best time is right now! Call me today!
