GREENWOOD VILLAGE, CO – January 9, 2017 – According to the latest data from REcolorado, the provider of REcolorado.com, the most popular, locally run home search site for Colorado home buyers, sellers and renters, 2016 ended on a high note for the Denver Front Range housing market, with December sales pushing the annual number of homes sold to record levels.
Cooler temperatures and the hustle and bustle of the holiday season did not hold back home buyers in December. Demand for homes remained strong during the month with 4,435 homes sold, making 2016 the strongest year of home sales we have on record.
“The Denver Front Range housing market had a stronger than normal off-season in November and December thanks to continuing demand from buyers looking to purchase a home ahead of potential interest rate increases,” said Kirby Slunaker, president and CEO of REcolorado. “Looking to 2017, the Denver area market is showing signs of prices starting to moderate and inventory levels improving.”
REcolorado statistics for December show seasonal month-over-month decreases in both new listings and available homes for sale. In December, 2,776 new listings came on the market, ten percent more than December of last year. The month ended with 5,315 active listings of homes for sale, a seasonal 21 percent decrease as compared to last month and three percent lower than last year at this time. Lower inventory levels coupled with ongoing strong demand pushed weeks of inventory down to five weeks, which is consistent with what we typically see this time of year.
The average sale price of a home sold in the Denver area saw month-over-month decreases in December, but were still higher than this time last year. At $393,565, average sale prices were down two percent month over month, but still up seven percent year over year.
After frequently seeing double digit year-over-year increases throughout 2016, the average sale price of a detached single family home was at $425,759 in December, up just five percent compared to last year. The average sale price for a condo/townhome was $308,147 in December, a year-over-year increase of 12 percent.
December Market Snapshot
As of December 31, 2016