Are you considering buying or selling a home in the Lakewood, Colorado area this summer? Let’s take a close look at the latest Lakewood real estate market data to see how things are changing and how it might affect your decisions.
Many cities around the U.S. are clearly in a “seller’s market” right now. What’s the key factor putting sellers in the driver’s seat? Inventory.
When there aren’t enough homes for sale in a city to support the demand from home buyers, there’s more likely to be intense competition for the homes that are available. That competitiveness can lead to bidding wars, complex negotiations, higher initial listing prices and final sale prices, and a reduction in the number of days the average home for sale spends on the market before getting snatched up.
Here’s a snapshot of data for the housing market in Lakewood as of June 20, 2018:
A few things that stand out:
- No huge trends in inventory. It’s exactly where it was a month ago, and up just 1% compared to where it was a year ago.
- Median list price is down 4% from last month, and that’s part of a bigger trend over the past six months (more info on that below).
- The biggest trend on the list is that homes are selling faster than they were a year ago. “Median Days” refers to the average number of days a home spends on the market in Lakewood. In May, the typical home got snatched up in 20 days. In June it’s up to 22 days, but that’s still 15% faster than June 2017.
Here’s a two year look at inventory of homes for sale in Lakewood:
The general trends are:
- June-July-August-September-October are consistently the months with the highest inventory
- Late fall-winter-spring months tend to see a drop off in inventory
- The level of inventory in 2018 appears to be right in line with last year
Summer Outlook for Buyers
Heading into the beginning of peak inventory season (June-October), buyers need to know what they’re looking for. There are going to be a lot of available homes to consider, and you need to be able to evaluate your options quickly (remember, the average number of days on the market is shrinking).
The good news for buyers is that median list price in Lakewood has been declining over the past six months:
Are we finally starting to see home prices starting to come down in the metro Denver area? The regional trend shows that prices are flattening rather than declining, but it’s definitely a trend to watch in the coming months.
Summer Outlook for Sellers
Is the six month decline in Lakewood home listing prices is going to be a sustained trend?
How does Lakewood’s inventory of homes for sale compare to surrounding areas like Arvada, Littleton, Wheat Ridge, Denver, Edgewater, and Golden? How does that impact the outlook of the local real estate market?
These are all great questions that any potential home seller should be asking themselves. The best answer is always going to have to account for your unique home and your unique situation.
If you want personalized advice from a real estate professional that knows what’s happening in the Lakewood market today and where it’s going, you need to contact me, Carla Knight.
This summer could be an ideal time for you to sell your home and cash in on your equity. Call me at 303-964-8743 or send a message to Carla@Stepsre.com to get answers!