Colorado Association of REALTORS | Sales and Prices Increase in Colorado
post-template-default,single,single-post,postid-10583,single-format-standard,edgt-core-1.0,ajax_fade,page_not_loaded,,colorado association of realators-child-ver-1.0.0,hudson-ver-1.5, vertical_menu_with_scroll,smooth_scroll,blog_installed,wpbdp-with-button-styles,wpb-js-composer js-comp-ver-6.0.3,vc_responsive

Sales and Prices Increase in Colorado

Sales and Prices Increase in Colorado

Competition remains fierce for single-family homes and condos as supply of for-sale properties drops

Median home prices continue to rise statewide and completed sales heated up in December, reversing a slowdown that began in June, according to a report released Wednesday by the Colorado Association of REALTORS.

There were 6,617 single-family home sales last month, up 21 percent from November and up 10.6 percent from December 2014. Townhome and condo sales hit 2,092 in December, up 14 percent from the month before and a 7.1 percent increase for the year.

The total number of homes sold last year reached 109,957, up 7 percent from 2014, the report said. The association’s data does not include for-sale-by-owner transactions or all new construction sales.

Median home prices continued to rise, hitting $305,000 in December, up 9 percent from December 2014. The median condo price increased 14 percent for the year, finishing at $226,000.

Association analysts continue to be concerned about inventory statewide, reporting that the number of new single-family home listings dropped 25 percent from November to December and condo listings dropped 28 percent. The supply of for-sale homes is at a five -year low and dropped 18 percent for single-family homes from November to December and 16 percent for condos.

Experts say there is a 2.5 month supply of for-sale homes statewide and the rate is much lower in some areas. Supply is especially tight in metro Denver, with a 1.4 month supply of single-family homes, or 5,100 listings, and just 1,200 condo listings, or less than a month’s supply, which has left would-be buyers frustrated, the report said. A five to seven month supply is considered a balanced market.

In metro Denver — Denver, Jefferson, Adams, Arapahoe, Broomfield and Douglas counties — sales of single-family houses and condos jumped 21 percent from November to December. For the year, 42,818 single family homes sold, up 3 percent, and 16,696 condos sold, up 10 percent. There were 3,404 homes sold in December, up 20.5 percent from November, and 1,346 condos, up 20.7 percent from the month before.

The median single-family home price increased $5,000 in December to $343,000, up 9 percent for the year. The median condo price was about $223,000 in December, up 18 percent for the year.

See the Denver Post Article Here

Share Post