Real Estate Advisor—November 2019 Market Report Courtesy of Land Title Guarantee Co..
Market Analysis % Change 2019 vs. 2018: Monetary volume ($199,109,927) in October 2019 was up 9% from October 2018. Transactions (285) were up 21% from October 2018. YTD 2019 monetary volume is pacing 7% ahead of YTD October 2018, and transactions are down 6%. Rising prices are why these numbers look like this. Get in on the appreciation party.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single-family homes are +11%,
- Multi-Family are +8%,
- and vacant land is -9%.
Median indicators for $:
- single-family are +9%,
- multi-family are +10%,
- and vacant land is -11%.
The luxury market is the hottest segment of the market:
- YTD '19: 360 properties sold for $1M and over.
- YTD '18: 309 properties sold at $1M and over.
- YTD '17: 287 properties sold at $1M and over.
That's a 25% increase in just two years.
Time on Market: This is trending upwards. Median days on market for February '19 was at 34; May was down to 15. October crept back up to 34. Average days have gone to 55, which means things may be slowing a little bit. This is an opportunity to negotiate.
Buyer Demographics:
- Front Range: 43%
- Local, including relocating: 28%
- Out of State: 29%
- International: 0%.
- 29% of transactions were cash.
Inventory is down near 500, typical for this time of year. One thing you can be confident of: if it's still on the market, the seller is motivated. Ski season has begun. You still have time to get in for the season for a great vacation or to receive those big rental proceeds checks. The time has never been better. What is holding you back?!
