Real Estate Advisor—May 2019 Market Report Courtesy of Land Title Guarantee Co..
Market Analysis % Change May 2019 vs. 2018: Monetary volume ($158,950,200) in May 2019 was up 17% from May 2018. Transactions (222) were up 13% from May 2018. YTD 2019 monetary volume is pacing 15% ahead of YTD May 2018, and transactions are down 4%. There are now close to 700 properties on the market. Your window of opportunity has arrived.
Comparative Historical Cost Analysis Average Indicators for $:
- Single Family: +15%
- Multi-Family +5%
- and Vacant Land -7%.
Median Indicators for $:
- Single Family +7%,
- Multi-Family +6%
- and Vacant Land—14%.
The luxury market is bouncing back big time! ;
- YTD '19: 141 properties sold for $1M and over
- YTD '18: 104 properties sold at $1M and over
- YTD '16: 127 properties sold at $1M and over.
Time on Market: Demand is strong again. 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 '19 was up to 34, but May is back down to 15! Average days have stayed up at 44, which means some homes are selling quickly and many other places are sitting for some reason.
Buyer Demographics;
- Front Range: 42%,
- Local, including relocating: 30%
- Out-of-State: 28%
- International; 0%.
- 25% of transactions were cash.
With about 700 properties on the market right now, buyers are gaining the advantage. Time to move is now.
