Some say the housing market in Denver is starting to cool off from the summer months. However, single family homes priced under $1 million are still in demand, with three months worth of inventory. As industry standards state, anything under five months is considered a seller’s market and over five months is a buyers market.
The average cost of a home in the Denver Metro area inched up 6.47%, or $462,344, down 1.64% from October. Below is a recap of the Denver Housing Market courtesy of the Denver Metro Association of Realtors.
Single Family Homes
Active Inventory: 5,373
Sold Homes: 2,628
Sold Price Average: $505,909
Sold Price Median: $427,000
Average Days on Market: 32
Active Inventory: 2,157
Sold Homes: 1,104
Sold Price Average: $358,447
Sold Price Median: $299,450
Average Days on Market: 28
Additional information on the Denver Housing Market provided by the Denver Metro Association of Realtors:
- The Denver City Council approved Mayor Michael Hancock’s 2019 budget, which includes $50 million for affordable housing, raised in part by the City’s marijuana sales tax. Funds will be spent to build 6,000 new homes over the next five years that lower income residents can purchase.
- The average monthly rent for a three bedroom home in the Denver Metro area is $2,124
- Areas with new apartments are seeing declining rents, possibly detering tenants from purchasing a home.
- The Denver Metro area has a vacancy rate of 2.87%, statewide 3.1%
- As the market levels out, buyers are starting to negotiate on price and inspection terms
- New construction inventory homes are a great deal this time of year, offering upgrades.
- GREAT NEWS from the Colorado Housing and Finance Authority, as of November 5th, 2018 it raised it effective income limits and is implementing a statewide income limit of $115,600 for most of its down payment assistant programs regardless of county or household size. This is up from $89,900 for a one to two person household in Denver, Jefferson and Adams Counties.
- MORE BUYERS will qualify! Fannie Mae and Freddie Mac raised the national conforming loan limit effective January 1st, 2019 from $453,100 to $484,350. The Metro Denver’s new loan limit is $561,200.