Real Estate Advisor-March 2019 Market Report Courtesy of Land Title Guarantee Co.
Market Analysis % Change, March 2019 vs. 2018: Monetary volume ($101,948,344) in March 2019 was up 18% from March 2018. Transactions (135) were down 4% from March 2018. YTD 2019 monetary volume is pacing 22% ahead of YTD March 2018, and transactions are down 5%. Prices have taken a huge jump, apparently. Inventory is creeping up, with 460 properties on the market.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single-family homes are +11%,
- Multi-family is +2%,
- and vacant land is -1%.
Median indicators for $:
- Single-family are +3%,
- multi-family are +2%,
- and vacant land is 0%.
The luxury market continues to stay strong!
- YTD '19: 69 properties sold for $1M and over
- YTD '18: 54 properties sold at $1M and over
- YTD '16: 70 properties sold at $1M and over.
Time on Market: Demand is recovering slightly; 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. February was up to 34, but March is back down to 20! Average days have skyrocketed to almost 70, which means the properly priced homes are selling quickly and many other people are pushing the market hard.
Buyer Demographics:
- Front Range: 52%, one of the highest numbers in memory
- Local, including relocating: 24%
- Out of State: 24%
- International: 0%. 33% of transactions were cash.
With 460 properties on the market right now, choices are improving. But the good ones go fast, so keep your eyes open and be ready when you see the one you want.
