Real Estate Advisor-April 2018 Market Report Courtesy of Land Title Guarantee CO.
Market Analysis % Change March 2018 vs 2017; We have slipped off last year's record pace: Monetary volume ($86,558,600) in March 2018 was down 30% from March 2017. Transactions (140) were down 21% from March 2017. YTD 2018 monetary volume is down 8% from YTD 2017, and transactions are down 2% YTD 2018 compared to YTD 2017. This is probably due more to lack of inventory than lack of demand.
Comparative Historical Cost Analysis; -Average Indicators for $: Single Family -2%, Multi- Family +13% and Vacant Land +7%. -Median Indicators for $: Single Family +6%, Multi- Family +12% and Vacant Land -3%.
Luxury Market Continues to Slow; -YTD '18; 54 properties sold for a $1M and over -YTD 2017; 70 properties sold at $1M and over -YTD 2016; 32 properties sold at $1M and over.
Time on Market; Demand is still strong, Median days on Market was 25 days for December 2016, only 13 days in July '17 and slid up to a median of 17 days on market for March 2018. Still ridiculously low. Move quickly if you see something you like, it's not going to wait for you.
Buyer Demographics; -Front Range; 39% -Local including relocating; 36% (a big jump from 21% last month) -Out of State; 24% -International; 1% Another good showing. -30% of the real estate closings were ca$h tran$action$, a significant drop from last month. Probably due to the increase in local buyers.