January 2020 Market Trends – We ended on the year on a high note despite record low inventories!
Word on the street is that inventory is low. That is true. We experienced a 27.92% reduction in inventory from November 2019 to December 2019, ending the year at 5,037 listings. Though low, that number is higher than our lowest year-end inventory ever in December 2017 at 3,854 listings.
The average sold price in 2019 was $486,695, an increase of 2.85% from 2018. It is said that 83% of wealth at retirement comes from your home equity. (Source: Homebot, 2018) Over the last 30 years, our average price has increased a staggering 417%.
The 30-year fixed-rate mortgage ended the year at 3.74% and averaged 3.9% during 2019, the fourth lowest annual average since 1971.
Approximately 67K people moved into Colorado in 2019 with 91% of our new Coloradoans moving along the front range. The fastest-growing segment of our population is 65+ years old. The largest segment of our population is between the ages of 22 – 37 years old.