Significant Housing Market Gains in Several Denver Metro Areas
DENVER – January 27, 2016 –REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, today released its 2015 Annual Report on the Denver Area Housing Market, which includes data from the Denver Metro and surrounding area.
According to the report, residential real estate experienced its best year since the Great Recession ended in 2009, with certain Metro cities showing exceptional growth. “We saw another very active year for the Denver area housing market, particularly in cities and neighborhoods with moderately priced homes,” said Kirby Slunaker, president and CEO of REcolorado. “The 2016 housing market is looking strong, with the possibility of the selling season starting early, given the predicted rise in interest rates.”
Sales For the fourth consecutive year, Denver area single family home sales were up. In 2015, a total of 59,179 homes sold, four percent more than 2014 and a 47 percent increase from just four years ago. Sales reached record levels throughout the Metro area; however, in several cities they saw impressive growth of more than five percent as compared to 2014. Prices The median sale price of a single family home experienced another year of gains in 2015, with homes in several Denver Metro cities seeing year-over-year, double-digit increases.
In the Denver Metro and surrounding area, overall median sales price rose 12.9 percent year over year. At $310,000, the median sales price was up 47.8 percent as compared to 2011. The price range that saw the most sold listings was $301,000 to $500,000, with 22,112 sold listings. The $500,001 to $1 million price range saw the strongest year-over-year increase, at 34.3%. Inventory Motivated by strong demand, sellers brought 70,614 new listings to the market in 2015, seven percent more than in 2014. New listings did little to meet the demand from anxious buyers. The year ended with inventory levels up three percent year over year; however, the number of available homes on the market was just half of what was seen in 2011.