Real Estate Advisor—April 2018 Market Report Courtesy of Land Title Guarantee Co..
Market Analysis: % Change March 2018 vs 2017
We have slipped from last year's record pace: monetary volume ($86,558,600) in March 2018 was down 30% from March 2017. Transactions (140) were down 21% from March 2017. YTD 2018 monetary volume is down 8% from YTD 2017, and transactions are down 2% YTD 2018 compared to YTD 2017. This is probably due more to lack of inventory than lack of demand.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single Family -2%,
- Multi-Family +13%,
- and Vacant Land +7%.
Median Indicators for $:
- Single Family: +6%;
- Multi-Family: +12%;
- and Vacant Land: -3%.
Luxury Market Continues to Slow:
- YTD '18: 54 properties sold for $1M and over
- YTD 2017: 70 properties sold at $1M and over
- YTD 2016: 32 properties sold at $1M and over.
Time on Market: Demand is still strong; median days on market was 25 days for December 2016, only 13 days in July '17, and slid up to a median of 17 days on market for March 2018. Still ridiculously low. Move quickly if you see something you like; it's not going to wait for you.
Buyer Demographics:
- Front Range: 39%
- Local, including relocating: 36% (a big jump from 21% last month)
- Out of State: 24%
- International: 1%
Another good showing. 30% of the real estate closings were cash transactions, a significant drop from last month. Probably due to the increase in local buyers.
