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The Denver metro area continues to grow and gain prominence in the national spotlight of post-Great Recession rebounds, with impressive price appreciation taking place at mid-year 2018. While the total number of homes sold January through June 2018 saw a slight decrease year-over-year, the increase in the overall total dollar volume sold of 6.7% was due nearly entirely from price increases (up 9.8% year-over-year). New listings to the market remained relatively the same year-over year at mid-year 2018, with the inventory of available listings remaining very low. This is because of seasonal and long-term trends. Part of the long-term, low-inventory problem is the limited number of completed new construction projects. The skilled labor market is incredibly tight, and the construction industry is one of the few sectors of the economy that has not rebounded. This imbalance of supply versus demand has created the rapid gains in value enjoyed by homeowners, but has also made choices and affordability a challenge for buyers. This trend exemplifies the classic, “seller’s market,” with average days on the market seeing a 4.2% decrease, to just 23 days, and a sold-price to list-price ratio of 99.8%.

Denver’s time in the sun as one of the nation’s most desirable destinations,whether for a job or purely discretionary reasons, continues with no signsof abatement. Although the flow of newcomers has tapered slightly in2017, the real estate market remains robust, and strongly favors sellers. Both newlistings and new sales have increased year-over-year, but the increasein sales (6.1%) is about double the increase in inventory (3.3%). Excessdemand and short supply drive prices higher (average is up 7.9%), andaverage time on the market dropped from 25 to 23 days. Full price offersare the norm with an average list price to sell price ratio of 99.7%.  Denver ranks among the top markets in the nation for price appreciation at 10.85% in the last year.  Overall, the Denver metro market continues to grow, and at just over $11B year-to-date in Total Dollar Volume Sold, is running 14.5% higher than the same time last year.  We’re entering our third year of double-digit increases, and provided that there are no major disruptions to the economy or other unforeseen events,we expect those numbers to continue to rise (coloradorealestatediary.com).