Here’s what happened in Westminster real estate in 2017:
The median home went under contract in seven days in 2017 which was the same in 2016. Basically, you can expect to sell your home in no more than a week.
In 2017 the average home sold for .7% less than the asking price, while in 2016 the average home sold for only .1% less than the asking price. Some would see this as a “softening” market, however, if you’re a buyer on a $350,000 home, a .6% difference is roughly $2500. Not that $2500 is something most of us would gladly give up, however when you’re looking at a $350,000 purchase, it’s unlikely to be something that would tip the scales on whether or not you buy or sell.
The highest month of available inventory was July where there was a bit less than 6 weeks of supply versus the lowest month of December where there has been about a 3 week supply of homes. The numbers in 2016 were roughly the same but in different months – January had the highest inventory while March had the lowest inventory.
In 2017 the median home sold for $365,000 while in 2016 the median home sold for $335,000. An increase in home values of 8.3%. Naturally, everyone has an opinion on the real estate market, and it’s usually skewed toward the negative. People who just can’t believe how home values and demand have increased in Denver are always secretly convinced (hoping?) that a crash is inevitable and will insist that the end is near!
And yet, the actual numbers don’t support this at all. The conclusion this year is the same I’ve come to for the last several years (at least) – if you’re a seller who’s moving away from Denver, you’re in the very best position of all. If you’re a buyer in the lower price ranges it’s still a challenge to get a home here.
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