Real Estate Advisor—February 2019 Market Report Courtesy of Land Title Guarantee Co.
Market Analysis % Change February 2019 vs. 2018: Monetary volume ($104,726,584) in February 2019 was up 17% from February 2018. Transactions (132) were down 5% from February 2018. Inventory is creeping up. There are now about 450 properties currently available for sale—still not a lot.
Comparative Historical Cost Analysis;
Average Indicators for $:
- Single Family: +17%
- Multi-Family: -1%
- and Vacant Land: +1%.
Median Indicators for $:
- Single Family: +7%
- Multi-Family: -5%
- and Vacant Land: +34%.
The Luxury Market Continues to Stay Strong! ;
- YTD '19: 48 properties sold for a $1M and over
- YTD '18: 35 properties sold at $1M and over
- YTD '16: 34 properties sold at $1M and over.
Time on Market: Demand is slowing 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 is up to 34! Buyers have a chance to look for price reductions now—time to take advantage.
Buyer Demographics;
- Front Range: 54%, one of the highest numbers in memory
- Local, including relocating: 23%
- Out-of-State: 22%
- International: 1%.
- 30% of transactions were cash.
With 450 properties on the market right now, listings have jumped significantly. This is the time to keep your eyes open and be ready when you see something good.
