2016 Front Range Housing Sales Highest on Record
According to the latest data from REcolorado, 2016 ended on a high note for the Metro Denver real estate market, with December sales pushing the annual number of homes sold to record levels.
Cooler temperatures and the hustle and bustle of the holiday season did not hold back home buyers in December. Demand for homes remained strong during the month with 4,435 homes sold, making 2016 the strongest year of home sales we have on record.
The Metro Denver housing market had a stronger than normal off-season in November and December thanks to continuing demand from buyers looking to purchase a home ahead of potential interest rate increases. Looking to 2017, the Denver area real estate market is showing signs of prices starting to moderate and inventory levels improving.”
Statistics for December show seasonal month-over-month decreases in both new listings and available homes for sale. In December, 2,776 new listings came on the market, ten percent more than a year earlier. The month ended with 5,315 active listings of homes for sale, a seasonal 21 percent decrease as compared to the previous month and three percent lower than a year ago. Lower inventory levels coupled with ongoing strong demand pushed weeks of inventory down to five weeks, which is consistent with what we typically see this time of year.
The average sale price of a home sold in the Denver area saw month-over-month decreases in December, but was still higher than this time last year. At $393,565, average sale price was down two percent month over month, but still up seven percent year over year.
After frequently seeing double digit year-over-year increases throughout 2016, the average sale price of a detached single family home was at $425,759 in December, up just five percent compared to last year. The average sale price for a condo/townhome was $308,147 in December, a year-over-year increase of 12 percent.
If you have any questions, feel free to contact your local metro Denver real estate professionals, The Bandy Team! Our team will guide you through all phases of the home buying and home selling process in Denver. Let us show you homes in some of the fine communities of Denver, including real estate in Cherry Creek , homes in Lowry, or property in Stapleton.
We are here to help you find your dream home and will guide you every step of the way!
Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows