Spring in Denver brought an uptick in active listings, under contracts, and average sold prices. Some stabilization in the market may be on the horizon though. The continued rise in cost of low-end properties will most likely cause less demand and a slow leveling off of home prices.
Live Urban Agent, MaryLemieux shares this month's market report.
March began the Denver Real Estate Market’s typical spring upswing and April is poised to follow! Listings, prices, and contracts continue to balloon, at an even greater rate than the standard spring increase. Moving trucks can be seen on nearly every block in the most popular areas of the greater Denver area and it won’t stop there! With good news for buyers and sellers alike, April is sure to be a red-letter month for the residential real estate industry.
A rise in new listings has created a friendlier market for buyers, though buyers can still expect to face multiple offer situations. According to Live Urban Agent, Doug Yetman, “The highly competitive market is the new standard, with multiple offers
Apparently, spring has already arrived in Denver. Not only are we experiencing unusually warm weather, the Denver real estate market is heating up earlier than ever. February experienced a surge of new listings with a month-over-month increase of nearly 20 percent, and a year-over-year increase of 6.81 percent.
However, the healthy increase in new listings was squelched by an equally healthy increase of properties placed under contract. Homes under contract increased 17.82 percent from last month, and 4.79 percent from February of last year.
Lots of homes can on the market, and lots of homes quickly sold. Leaving the number of active listings in the residential market at 3,878 total units in February, representing an all-time low for any month on
As 2016 has drawn to a close, the report identifies highs and lows in the housing market last year and how it compared to previous years.
“2016 will go down as another robust market defined by record-low inventories and record-high prices,” states Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent.
“First, housing inventory has been an issue as evidenced by historically low numbers for the past three years,” he said. In February, DMAR recorded 3,963 active listings at month end, representing the lowest number of any month since housing data started being tracked in 1985. December 2016 finished with 4,265 active listings, which was 68.9 percent less than the historical December average of 13,702, and beat the
As 2016 comes to a close, the report spotlights how the hot real estate market fared this year, experiencing both record highs and lows.
In July, Denver-metro hit an all-time high for the average sold price of a home at $420,178 and median sold price at $365,000. February marked a record low for month-end inventory at 3,963; comparatively, the all-time high was in July 2006 at 31,989 listings.
“As we spend time with friends and family enjoying all the turkey and trimmings, we also give thanks to another hot summer selling season,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “In reflecting on the good and not so good of our summer housing market, the question on the mind of many REALTORS® today
Year-over-year average price of homes sold is up 9.96 percent to $398,588. However, the number of homes sold in October dropped 11.43 percent compared to last year, and the pace of new listings coming onto the market is slow with 9.87 percent fewer homes year over year. Notably, 2016 represents a new record low in listings for October with 6,731, compared to the previous low record in 2014 with 6,748 listings. From 1985 to 2015, average active listings for October is 16,615. For comparison, the record high October was 2006 with 29,722 listings.
“With election season coming to an end, an important question we face is how it will affect the metro Denver housing market.” said Steve Danyliw,
September produced a seasonal slowdown, however indicators point to above-normal numbers of active listings.
According to the DMAR Market Trends Committee, these indicators combined with homebuyers anxious to lock-down low-interest rates could make for a hot real estate market heading into the fall.
“The beginning of fall typically ushers in two things - the Rockies being officially eliminated from post-season play, and the number of homes sold in the Denver real estate market tapering off after a blistering hot summer,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “Having said that, this fall could still shape up to be the hottest home market in the last decade."
While home prices experienced a slight dip in Metro Denver, overall trends show boom in appreciation values since 2014.
The average and median sold prices of homes both slowed down from the previous month, with appreciation slipping 1.41 percent to $404,160 and 0.46 percent to $350,000, respectively. While home prices had a slight decline month over month, Denver-area has experienced a 23 percent boom in average home appreciation values year to date in the past 24 months.
Download a copy of our report.
“The thrill of victory and agony of defeat are easily interchangeable between sports and real estate,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “As the past twenty-four
What will the Denver Real Estate market do as we head into fall and winter of 2016? I write a blog post about the market with the change of each season since the Denver market has become so seasonal. I've heard lots of talk around my office of how slow the market is right now and when we hear this, it's easy to freak out and think the market is slowing and perhaps a bubble is about to burst. But we have to remember that for the past four years, this exact same slow down has occurred in August and September and by next spring, the craziness we have gotten used to will return. To better understand the market, let's look at these very informative numbers courtesy Megan Aller with Land Title here in Denver.
Buyers feel relief with price improvements and an abundance of listings.
In July, for the entire residential market (single family and condos), there were decreases in nearly every category, including new listings, homes sold, average and median sold prices and overall sales volume. The only category showing an increase was active listings, up 9.89 percent compared to the month prior.
“Who needs a national political convention for entertainment when we get to experience the Denver Metro real estate market?” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “July was an interesting month overall as so many seasonal factors converged, pushing nearly every statistical category into the red