Real Estate Advisor—March 2018 Market Report Courtesy of Land Title Guarantee CO.
Market Analysis % Change February 2018 vs. 2017:
We are ahead of last year's record pace: monetary volume ($89,403,682) in February 2018 was up 26% from February 2017. Transactions (139) were up 20% from February 2017. YTD 2018 monetary volume is up 9% from YTD 2017, and transactions are up 12% YTD 2018 compared to YTD 2017.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single Family +5%,
- Multi-Family: +13%
- and Vacant Land—4%.
Median Indicators for $:
- Single-family homes are +9%,
- Multi-Family are +11%,
- and vacant land is -14%.
Luxury Market Takes a Breather:
- YTD '18: 34 properties sold for $1M and over.
- YTD 2017: 37 properties sold at $1M and over.
- In January 2016: 19 properties at $1M and over.
Time on Market:
Demand is still berserk; it was 25 days for December 2016, only 13 days in July '17, and down to a median of 11 days on the market for February 2018. That means half of all properties that come on the market sell in just over a week. Move quickly if you see something you like; it's not going to wait for you.
Buyer Demographics:
- Front Range: 42%
- Local, including relocating: 21%
- Out of State: 35%
- International: 2% of most international buyers in a year.
- 44% of the real estate closings were cash transactions, a big number! People cashing in on their stocks?
The market is red hot. Join the Property Appreciation Party.
