Real Estate Advisor—August 2018 Market Report Courtesy of Land Title Guarantee Co.
- Market Analysis: % Change July 2018 vs. 2017, looking at another record year! : Monetary volume ($151,066,431) in July 2018 was up 2% from July 2017. Transactions (211) were down 17% from July 2017. YTD 2018 monetary volume is up 7% from YTD 2017, and transactions are down/flat 1% YTD 2018 compared to YTD 2017. Higher prices are sustaining the record market. Lower numbers of transactions are a reflection of minimal inventory. Get in soon or you may be priced out.
- Comparative Historical Cost Analysis: Average Indicators for $: Single Family are +2%, Multi-Family are +8%, and Vacant Land is +13%. Median indicators for $: single-family are +7%, multi-family are +8%, and vacant land is +8%.
- Luxury Market Bounces Back Big Time! -YTD '18: 179 properties sold for $1M and over -YTD 2017: 170 properties sold at $1M and over -YTD 2016: 99 properties sold at $1M and over.
- Time on Market: Demand is still crazy; the 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. July '15 remained rock bottom at 11! Move quickly if you see something you like; it's not going to wait for you.
- Buyer Demographics: -Front Range: 45%, half of our normal level -Local, including relocating: 34% -Out of State: 20% (one of the lowest figures I have ever seen) -International: 0%. 36% of transactions were cash.
The market is still red hot! How long can you wait? Interest rates and prices are creeping up and predicted to go higher.
Inventory is holding; we are over 500 properties on the market right now. This is the best time for you to be searching for your Rocky Mountain dream home. The best selection is right now! Call me today.
