All Major Indicators in Denver Metro Housing Market Up Over Last Year
DENVER – February 4, 2016 –Following a record year for the Denver area housing market, 2016 started strong according to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com.
Released today, REcolorado’s January 2016 report includes data from REcolorado’s 18,000 members who operate throughout the greater Denver Metro and surrounding area.
January’s indicators showed sizable increases in the number of new listings that came on the market, an indication that sellers are looking to get a jump on the selling season and take advantage of what continues to be a prime seller’s market. January saw 4,148 new listings of homes for sale, a 63 percent increase over last month and three percent more than last year.
Indicative of the competitive housing market, sellers continued to see extremely quick sales cycles. The average days on market was just 38 days, one day less than January 2015. Buyers began scooping up the new inventory quickly, as 4,590 listings went under contract, a 23 percent increase over last month and two percent higher than last year. Sales saw a seasonal decrease of 35 percent month over month, but were up four percent year over year.
“A solid influx of new listings gave the metro Denver housing market a boost of momentum to start off the New Year,” said Kirby Slunaker, president and CEO of REcolorado. “If January is an indication of what to expect in 2016, we can look for a competitive and fast-paced market, with inventory remaining tight and prices holding strong. Now is a great time for sellers who have been waiting to put their home on the market.”
Inventory of available homes for sale in the greater Denver area remained at historically-low levels to kick off the New Year; however, a surge in new listings pushed the number of active listings above what we saw last year at this time. At the close of January, there were 5,282 active listings on the market, a three percent increase over January 2015.
Home values continue to be strong. While January average sales prices remained flat month over month, they increased 13 percent as compared to last year. January ended with the average sale price at $370,378, an increase of 49 percent in just four years.
“Given the competitiveness of the marketplace, it’s going to be critical for buyers and sellers to get the most up-to-date listings of homes for sale, and leverage the many resources that are available to them on REcolorado.com as they coordinate their efforts with an experienced REALTOR®,” said Slunaker.