Metro Denver's market conditions were hot to start, and ended with a cooldown. Home sales decreased 23 percent annually in December 2018, and 17.8 percent from November 2018.
The data from the Denver Metro Association of Realtors also show that metro Denver home sales decreased 5.5 percent for the entire year in 2018 over 2017, and hit a four-year low in volume. Yet, higher prices translated to a record sales volume of $26.5 billion, 2.36 percent higher than in 2017, The Denver Post reports. The average price of a single-family home measured across the entire year was $522,839, 8.05 percent more than 2017. Single-family homes for sale spent an average 41 days on market, four more than in 2017, and condos averaged 35 days, three more days than in 2017.
“Sellers celebrated in the first half of the year with a crazy blur of multiple offers and fast sales,” Jill Schafer, head of the DMAR market trends committee and a local Realtor, said in a news release. “It was buyers’ turn to celebrate when the housing inventory jumped up in May and June, causing a market adjustment in the second half of the year and finally giving them some choices.”