The holiday season did not slow the pace of the housing market as consumers continued to snap up available properties in December, pushing prices up as supply levels declined for the third consecutive month.
According to the latest monthly report by REcolorado, the average sale price for a single family home was up three percent over last month and 11 percent as compared to last year, bringing home prices in the Denver area to a record high of $339,636.
Single family home sales totaled 3,983 units, an increase of four percent over last month and a two percent increase year over year. The market absorption rate—the rate at which the market absorbs the inventory of homes that are for sale—dipped to a six week supply, versus a seven and a half week supply last month and an eight week supply December last year.
In December, 5,352 active listings were on the market in the Denver metro and surrounding area, an 18 percent decrease as compared to last month, and a 27 percent year-over-year decrease. These numbers reflect inventory levels lower than we’ve seen in over a decade.
Typical for December, the number of new listings that came on the market dipped. New listings were down 22 percent as compared to last month and relatively flat as compared to December 2013.
Read more at ReColorado.com