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.
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