Denver Foothills Market News January 2018
Looking at the graph below we will see that the number of active listings as well as the number of new listings have been gradually decreasing since June of last year. This chart shows all price points in Evergreen, Conifer, Bailey and Morrison over the last 12 months. This should indicate rising prices and a sellers market. Neither of those are happening. We are not seeing as many buyers.
The next graph shows us the average days on market increasing and the sale price gradually increasing as well. That isn't usually the way it goes. It Usually as the days on market increases the price tends to decrease. This may begin to happen in the next few months. We are still seeing signs of a flattening market coming soon. This seems to be the case across the country as well as Evergreen, Colorado Real Estate. Conifer and Bailey as well as Morrison are seeing a slight uptick a little more than Evergreen at the moment but that is most likely due to the low inventory in Evergreen as well as Conifer closing the gap in the sale price difference with Evergreen,
The Denver Foothills luxury market is slowing a bit now as well. Might be seasonal and might be due to inventory. If we look at the chart below we can see a few things. In early fall the number of homes that were listed dropped and the days on market rose. That is a sign of a slightly weekending market. Keep in mind that in the Denver foothills there were only 220 listings over 1 Million Dollars so the data might not have as many data points as the two previous charts. That sometimes skews the data just a tad but one thing is for sure is that luxury homes are having longer days on market than before. This is showing us that we could probably assume the luxury home and high end market are becoming a bit more to the buyer's advantage meaning we could probably negotiate the price down just a bit.
Most Realtors that I have talked to agree on one thing...Homes can't continue to appreciate at the current rate. There needs to be some leveling off at some point. This isn't to say by any means that the values will fall. Most of us just think we see a more normal type of value increase. Closer to 3-4 percent as apposed to the 10-15 percent in the previous years.
This is just the views of an Evergreen, Colorado real estate agent that works the Denver Foothills. Make sure you discuss our current market with your own broker. If aren't under contract with another real estate agent and would like to discuss the market with me give me a call at 303-503-8793.