Denver Real Estate Market Trends Report
Photo Courtesy of LOKAL Homes
Updated 2/7/2017 (source: The Denver Metro Association of Realtors)
According to the Denver Metro Association of Realtors home prices in the Denver market are on the rise, placing the Mile High City at #2 in the nation for raising home prices. With just over 91,000 people moving into the Denver Metro area in the last year, Denver is experiencing robust activity in the housing market. In fact, activity did not slow down during the holiday season and those that searched during December and January found lowers prices and less competition.
Steve Danyliw, chairman of the Denver Metro Association of Realtors adds " I'm starting to see an increasing trend with more single-family attached/condo properties entering the market. Property managers have reported the some rental property owners are starting to sell their rentals, taking advantage of record high prices."
In the luxury market (properties listed at over $1 million), homes spent on average 108 days on the market and sold for 19.72% more than a year ago. Luxury condos listed at over $1 million experienced a growth of 150% despite the limited inventory available. "The recent increases where led by 250 Columbine, the high end condo project in Cherry Creek North. In fact, the highest priced condo sold on record closed in February 2016 at $5,438,873", Jill Schafer DMAR Market Trends Committee member and Denver real estate agent.
Within the Signature Market (homes listed between $750k - $999k), the price per square foot increased to $515 (a 165.46% increase year over year) due to remodels, new construction and a growing trend of scrape and build. The average time spent on the market went down 14.29%, creating opportunity for sellers who were looking to up-size or downsize.
The Premier Market (homes priced under $749k), experienced a 79.2% increase in sales with just over 7,700 homes selling in 2016. With a new trend of "right sizing", this market is seeing a shift with buyers paying more for condos and townhomes.
With creative lending solutions now being offered (hard money and owner carry), real estate agents are preparing for a busy spring season. Construction on new homes are experiencing a slight delay due to construction back ups causing heavy competition for existing home inventory.
Highlights from the January 2017 Denver Metro Association of Realtors Market Trends
|Residential (Single Family plus Condo)||Prior Month||Year-Over-Year|
|Average Sold Price||$398,179||-0.952%||6.73%|
|Median Sold Price||
|Average Days on Market||44||15.79%||4.76%|
|Single Family (aka Detached Single Family)|
|Average Sold Price||$434,421||-1.92%||5.21%|
|Median Sold Price||$377,450||0.65%||8.54%|
|Average Days on Market||47||14.63%||6.82%|
|Condo (aka Attached Single Family)|
|Average Sold Price||$308,212||4.22%||11.39%|
|Median Sold Price||$257,500||3.58%||14.44%|
|Average Days on Market||38||18.75%||2.70%|
* Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park
DMAR Market Trends | January 2017 © 2016 COPYRIGHT | All rights reserved to Denver Metro Association of REALTORS®, The Voice of Real Estate® in the Denver Metro area.