During the first month of 2016, the Denver Metro housing market continued to experience strong buyer demand and low inventory. Home prices increased by double digits compared to a year ago and available active units of single family homes remained well below a balanced market supply, which would require more than 22,000 available homes:
- The number of detached single family (DSF) homes available dipped below 3,000 – a new low – while active units for attached single family (ASF) homes remained near record lows at 825
- Average sold price for DSF and ASF homes was $413,365 and $270,045, respectively, up 11 percent and 17 percent, respectively, compared to January 2015
- Even though average days on market (DOM) are historically at their longest in January, 33 percent of DSF and 43 percent of ASF homes were under contract in 7 days or less.
Through the end of March, the market is expected to further compress as buyer interest picks up while sellers wait until after spring break. We anticipate another record-setting season with multiple offer situations, bidding wars and continued price appreciation.
Sellers who were planning to wait until the spring are encouraged to consider listing now before more listings go on the market. Buyers should have their financing solidified and be prepared to aggressively compete. If you need any advice or assistance with your real estate needs, contact me today.
Based on information from REColorado®, Inc. for the period of January 1, 2016, through January 31, 2016, for Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson Counties. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market.