Denver Home Sales Werent Cold In December

Dated: 01/20/2017

Views: 118

From the Denver Post 1/18/17

By Aldo Svaldi

Denver homes turned over at the fastest pace in the country last month, according to the RE/MAX National Housing Report released Tuesday.

Denver listings took an average of 36 days to sell in December, which tied with Omaha out of 53 metro areas examined in the report. Nationally, listings that went under contract last month had spent an average of 62 days on the market.

More demand than supply, especially for homes priced under $400,000, means the listings that do show up can get snapped up quickly along the northern Front Range.

Denver ranked third behind San Francisco and Seattle for the lowest supply of inventory, according to RE/MAX. A separate report from the Denver Metro Association of Realtors showed 2016 ended with the fewest number of homes available for sale in metro Denver, based on records going back to 1985.

“There is a lot of pent-up demand,” said Martin Mata, a Redfin listing specialist based in Thornton. “It feels like spring already.”

Mata said he listed four homes last weekend and all quickly went under contract with multiple offers. He even had a Thornton listing go under contract twice in less time than it takes the typical U.S. home to sell.

That home listed on Dec. 1 in the mid-$300,000s, generating 50 showings, three offers and a contract price close to the list price on Dec. 23.

That agreement fell apart on Jan. 5 when the buyer’s loan fell through. Two days later, the home was back on the market, generating 11 showings, three offers and a contract price $10,000 above the original list price.

Buyers are anxious to land a property before the next hike in mortgage rates, Mata said. And with builders focused on higher-end properties, affordable housing is scarce.

If shoppers push up purchases they’d planned to make in spring or summer, the market could weaken in the second half of 2017.

Last year was the best year for U.S. home sales since the recession, according to the RE/MAX report. Nine months of 2016 posted higher sales than in 2015, although December sales showed a drop.

Nationally, the median sales price of a home in December rose in 51 of the 53 metro areas, with only Des Moines, Iowa, and New Orleans suffering declines.

The largest price increases were in Birmingham, Ala., up 17.1 percent, and Tampa, Fla., up 16.8 percent.

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Ranae Urso

My name is RaNae Urso and I specialize in residential sales and buyer representation in the Denver Metro area. I have been in the real estate business over 14 years of my 30 years in Colorado. I enjo....

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