Colorado Front Range Home Sales See Strongest November in 12 years
GREENWOOD VILLAGE, CO – December 7, 2016 – 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, monthly home sales reached near-record levels in November, while inventory levels remained low.
Last month, the Denver Front Range housing market saw the second-most sales of any November in the 26-year history of the REcolorado market report. During the month, 4,400 homes sold, 10 percent more than November of last year. As compared to last month, sales saw a seasonal decrease of six percent.
Strong sales kept weeks of inventory steady at just seven weeks.
“Due to continued demand for single family homes, brought on by population growth, a strengthening job market, and interest rates that are holding steady, the Denver Front Range housing market saw another solid month of gains,” said Kirby Slunaker, president and CEO of REcolorado. “Having a November with strong sales numbers like these is a good indicator that 2017 will continue to be very active.”
Continued strong demand kept inventory levels low in November. The month ended with 6,767 active listings of homes for sale in the Denver area, down 15 percent as compared to last month and three percent lower than November of last year. Additionally, sellers brought fewer new listings to the market in November, which is typical as the holiday season gets underway. Last month, 4,055 new listings came on the market, 23 percent fewer than last month, but 10 percent higher than this time last year.
Home values inched up a bit in November, once again surpassing the $400,000 mark. The average sale price for a single family home in the Denver Metro area last month was $400,349, a two percent month-over-month increase and ten percent higher than this time last year. At $437,231, the average sale price of a detached single family home was up ten percent as compared to last year. The average sale price for a condo/townhome was $297,398 in November, a year-over-year increase of eight percent.
November Market Snapshot as of November 30, 2016