Real Estate Advisor—May 2018 Market Report Courtesy of Land Title Guarantee Co.
Market Analysis % Change March 2018 vs. 2017: Strong April has put us back on track for another record year: Monetary volume ($86,558,600) in April 2018 was up 30% from April 2017. Transactions (140) were up 10% from March 2017. YTD 2018 monetary volume is up 3% from YTD 2017, and transactions are up 2%. YTD 2018 compared to YTD 2017. See the complete report from Land Title. See the 30-Year Average Appreciation History and 30-Year Total Residential Sales History. Inventory is creeping up; we are around 450 properties on the market now. This is the best time for you to be looking for your Rocky Mountain dream home. You won't have a better selection than right now. There has never been a better time. Call me now.
Comparative Historical Cost Analysis
Average Indicators for $:
- Single Family: +1%,
- Multi-Family: +11%,
- and Vacant Land: +15%.
Median indicators for $:
- single-family are +8%,
- multi-family are +10%,
- and vacant land is +13%.
Luxury Market Continues to Slow;
- YTD '18: 80 properties sold for $1M and over—
- YTD 2017: 95 properties sold at $1M and over
- YTD 2016: 46 properties sold at $1M and over.
Time on Market: Demand has increased again. Median days on market was 25 days for December 2016, only 13 days in July '17, and dropped to an amazing median of 11 days on market for April 2018. Ridiculously low. Move quickly if you see something you like; it's not going to wait for you.
Buyer Demographics;
- Front Range; 42%
- Local, including relocating: 29% (a big jump from 21% last month)
- Out of State: 29%
- International: 1%—Another good showing. 36% of transactions were cash.
The market is Red Hot. How long can you wait? Prices have risen over 10% in the last year. Interest rates are creeping up and predicted to go higher.
