Denver Home Price Sale Increase 10 Percent In 2016

Dated: 01/11/2017

Views: 91

Average metro Denver home price jumps 10% in 2016; sales volume hits record

If you sold a home in metro Denver last year, it’s likely you were pleased with the sales price. The number of metro Denver home sales last year came in just shy of the record reached in 2015, but the sales volume hit a new peak on the back of a 11.4-percent gain in median prices.

“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.

Last year, sellers listed 64,950 homes versus 65,878 in 2015, according to the latest market trends report from DMAR. Listings spent an average of 34 days on the market last year versus 31 days in 2015, and buyers closed on 55,634 homes, short of the 56,062 homes sold in 2015.

Because the homes that sold were worth more, the sales volume reached a new record of $22.2 billion, up from $20.3 billion in 2015 and $17.6 billion in 2014.


The median price of a single-family home sold in metro Denver ended the year at $377,450, up 8.5 percent from December 2015. For condos, the median price sold reached $257,500 in December, up 14.4 percent from a year earlier.

Year-to-date 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.

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 election will 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.


_______________________________________________________________________________________________________

Denver Real-Estate Concierge - A realtor that has your back.

Sell or Buy your way, traditional or by the auction method: Tamara Whelpley has lived and worked in Denver for over 30 years and is an expert in the Washington Park, Cherry Creek,  Highlands and throughout the Denver corridor. Consulting is her top priority.  She will make sure you are informed and communications are thorough, resulting in a stress free transaction.  Then she will recommend where to ski, bike, hike, golf, and dine at the new upscale restaurants throughout beautiful Denver, ColoradoVisit her website to learn more about the advantages of the auction method in a hot market. 

Meet Tamara  

Text Tamarajo to 85733 for her mobile business card

Get the Value of your home by clicking here

__________________________________________________________

Tamara Jo Whelpley 303-877-9663

Tamara@ExitRealtyCherryCreek.com

www.TamaraJorealesate.com

www.BuyandSellColoradoRealestate.com



Blog author image

Tamara Whelpley

Sell or Buy your way, traditional or by the auction method: Tamara Whelpley has lived and worked in Denver for over 30 years and is an expert in Washington Park, Cherry Creek, Highlands and throughou....

Want to Advertise on this Site?

Latest Blog Posts

Price Reduction In Stonegate

New Price for this beautiful home is $559!

Read More

The Appraisal Process

Right now is the most popular time for people to buy a home, and if you’re looking to sell or refinance your home, one of the things you’ll have to deal with is the appraisal. If your appraisal

Read More

Just Listed Castle Rock

2678 Garganey Drive - $450,0003 Bedrooms / 3 Bathrooms / 2 Car GarageBetter than new Crystal Valley Ranch. This home was built in 2017 and boosts all the added upgrades. The contemporary/ modern

Read More

How A Lack Of Inventory Impacts The Housing Market

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures

Read More