2019 Market Conditions May Present a Best-Case Scenario to Make Your Move
Selling When the Market’s Hot
Over the past three years median home prices have been increasing by more than 8% per year. In the 4th quarter of 2018 appreciation began to slow. December prices rose only 3.9% over 2017. If the “what goes up must come down” adage is true, sellers may see 2019 as a great time to sell at the top of the market.
Lots More Replacement Homes to Choose From
Sellers looking for replacement homes during the last couple of years have been frustrated with the few homes to choose from. We’ve had record low home inventory for several years running. 2019 is starting out much differently. In December 2018, active home inventory in the Denver metro area increased by more than 50%, providing sellers with a lot more replacement home choices.
Ability to Sell Quickly
Over the last 30 years homes sell, on average, in about 75 days. For the last several years the days on market (DOM) has averaged about 30 days. Although the 4th quarter of 2018 saw many more active listings on the market, December maintained a fast 30 DOM average.
* First Alliance Title analysis of data provided by ReColorado.