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A New Record For Metro Denver Home Sales And Price
A new record for Metro Denver sales;
A leap of 10 % for home price
Metro Denver had some major ups and downs for 2016. Home prices hit a new peak with an 11.4 % gain in median price, Home sales this 2016 experienced a slight decrease(sellers listed 64,950 homes while buyers closed on 55,634 homes) in 34 days compared to the record reached last 2015 that (sellers listed 65,878 homes and sold 56,062 homes). This is new comes from the latest market trends report from DMAR. Since 1985, metro Denver has ended each year with an average of 13,702 listings for buyers to choose from. Last month ended with 4,265 homes for sale, down 23.6 percent from November and the lowest tally for that month in records going back to 1985.
“The low inventory is a major driver of these double-digit appreciation rates,” said Steve Danyliw, chairman of the Market Trends Committee at the Denver Metro Association of Realtors.
Through December, the median price of a home or condo sold in metro Denver was up 11.4 percent, while the average price was up 10 percent, marking the second consecutive year of double-digit price increases. Also, the median price of a single-family home ended the year at $377,450, up 8.5 percent from December 2015.
Danyliw said that 59 percent of the homes available for sale at the end of last month were priced above $500,000, but only 22 percent of sales were for homes above that price point. But hopefully the tightsupply should support the region’s housing market, especially for properties priced under $400,000.
“That pool of buyers is getting smaller and smaller,” Danyliw said.
The lack of affordability weighed more heavily on the market in the second half of the year, and a big jump in mortgage rates following the November electionwill only add to those pressures. Last month, 4,151 homes sold in metro Denver, 8.5 percent fewer than the number that sold in November and 9.1 percent below the sales number in December 2015, according to DMAR.
The number of $1 million-plus homes sold in December dropped 26.6 percent from a year earlier and 17.3 percent from November. Higher mortgage rates could push some buyers on the fence in the short-term; they are likely to drag down the pace of price gains this year. Listings spent an average of 44 days on the market in December, about 10 more days than the average for 2016.
Now is the time to sell, call me for the path to reaching your real estate goals
Kevin Fletcher and is a Denver native working with Exit Realty of Cherry Creek. Kevin specializes in helping Buyers, Sellers and Investors with real estate transactions in the Denver Metro Area. Within Denver, I have intimate knowledge of the Park Hill, Stapleton, City Park, and Baker Neighborhoods. Kevin Fletcher can also assist buyers looking for Fix and Flips, and rental properties. I can help with securing financing, investment analysis, rehab, and property management.To get an expert opinion on what your home is worth, or for a Buyer consultation, Call/Text or Email Kevin Fletcher at 303-818-4130, Kevin@exitrealtycherrycreek.com
My name is Kevin Fletcher and I am a Denver native working with Exit Realty of Cherry Creek. I specialize in helping buyers, sellers and investors with real estate transactions in the Denver Metro Are....