DENVER – January 6, 2016 – According to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, December was an active month for the housing market in the Denver metro and surrounding area, with a strong month-over-month increase in sales.
Home sales saw a jump in December, with 4,436 homes closing, a month over month increase of 31 percent and year over year increase of two percent. During the month, 3,174 single family detached sales homes sold and 1,262 condos/townhomes sold.
“December typically brings a month-over-month increase in residential real estate sales, but this December surprised us with a much higher increase than we’ve seen in previous years,” said Kirby Slunaker, president and CEO of REcolorado. “Home prices have moderated since the second quarter, allowing buyers to jump into a market that is less competitive during the holiday season.”
Denver area home prices held steady in December for the third consecutive month. The average sold price for a single family home in December was $369,568, flat as compared to last month, but still ten percent higher than this time last year.
December ended with 5,501 active listings on the market, a month-over-month decrease of 21 percent; however, a three percent increase as compared to last year. The number of new listings that came on the market slowed as well. During the month, 2,542 new listings came on the market, a seasonal 31 percent month-over-month decrease, but two percent higher than December 2014.
Months of Inventory fell to approximately five weeks in December, well below the national average.
The amount of time a Denver area home stayed on the market increased three days in December, bringing the average days on market to 33 days.