Real Estate Advisor-September 2018 Market Report Courtesy of Land Title Guarantee CO.
Market Analysis: % Change August 2018 vs 2017
Things are booming like never before: Monetary volume ($) in August 2018 was up 38% from August 2017. Transactions (319) were up 17% from August 2017. YTD 2018 monetary volume is up 13% from YTD 2017, and transactions are down 12% YTD 2018 compared to YTD 2017. Higher prices continue to fuel the surge. Get in soon, or you may be priced out.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single Family: 4%
- Multi-family +9%
- and vacant land +17%.
Median Indicators for $:
- Single Family: +8%
- Multi-Family +8%
- and Vacant Land is +16%.
Luxury Market Explodes BIG Time! ;
- YTD '18: 234 properties sold for a $1M and over
- YTD 2017: 208 properties sold at $1M and over
- YTD 2016: 121 properties sold at $1M and over.
Time on Market: Demand is still crazy; 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. August has crept up to 17! Move quickly if you see something you like; it's not going to wait for you.
Buyer Demographics;
- Front Range; 35%, half of our normal level
- Local, including relocating: 30%
- Out-of-State: 35%
- International: 0%.
- 33% of transactions were cash.
The market continues on a record pace! How long can you wait? Interest rates and prices are creeping up and predicted to go higher.
