Number of homes under contract overtake healthy surge in new listings, causing Denver to break its all-time record for lowest inventory on the market!

March 3, 2017

Download the report here

Active listings in the residential market (single family and condos) were at 3,878 total units in February, representing an all-time low for any month on record. This is only the third time active listings have dropped below 4,000 units.

February experienced a surge of new listings with a month-over-month increase of nearly 20 percent, and a year-over-year increase of 6.81 percent. The healthy increase in new listings was squelched by an equally healthy increase of properties placed under contract. Homes under contract increased 17.82 percent from last month, and 4.79 percent from February of last year.

“The spring selling season is off and running as unseasonably warm weather heats up an already hot market,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “Adding fuel to the fire is record low inventory and high demand. As prices continue to rise, concerns over affordability will begin to cool things a little.”

According to Danyliw, rising mortgage interest rates will erode buyers’ purchasing power and increase affordability concerns.

Notably, even though the total housing inventory was down last month, condo inventory was up 19.25 percent year over year. Danyliw shares, “The extreme competition was occurring with homes listed under $400,000, causing buyers to become more frustrated.”

In the single-family home market, the average sold price remained relatively unchanged at $447,838 while the median price rose 3.68 percent to $394,000. Year over year, there were 8.59 and 11.38 percent increases in the average and median sales price respectively. The condo market showed 6.92 percent fewer sales than the previous month, while the average and median sales prices rose to $297,610 and $255,000, respectively.

DMAR’s monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In February 58 homes sold and closed for $1 million or greater – down 30.12 percent from the previous month, and down 17.14 percent year over year. The closed dollar volume in February in this luxury segment for both single family and condos was $87,426,822, down 34.79 percent month over month, and down 17.14 percent year over year.

The highest priced single-family home sold in February was $3,985,000 representing six bedrooms, seven bathrooms and 7,880 above ground square feet in Cherry Hills Village. The highest priced condo sold was $1,850,000 representing three bedrooms, five bathrooms and 2,521 above ground square feet in Denver (a former church that was renovated into a single-family home.) Listing and selling agents for both transactions are DMAR members.

“While we didn’t feel much of a winter chill in February, the Luxury Market of homes priced over $1,000,000 did go into a bit of a winter hibernation,” stated Jill Schafer, DMAR Market Trends Committee member and Metro Denver real estate agent. “This still remains the only segment of the market where buyers have the power.”

The number of high-end homes has been dropping over the past few months. The biggest recent drop was in the number of sold homes from January to February, with single-family home sales down 29.73 percent and condo sales down 33.33 percent.

“Despite those drops, the single-family luxury market is still up 5.88 percent year-to-date,” adds Schafer. “However, sales in the luxury condo market appear to be struggling since 250 Columbine in Cherry Creek North has sold out. Sales of luxury condos were down 21 percent year-to-date. Much of that may be due to the lack of inventory. With new luxury condos in the works, we may see some changes in this segment of the market over the next few years.”

Conversely, condo sales in the Signature Market were up 50 percent from January.

“Just like we had record breaking hot days in February, condos in the Signature Market were just as hot,” said Brigette Modglin, DMAR Market Trends Committee member and metro Denver real estate agent.

Days on market in the Signature Market dropped 27.72 percent month over month, and over 56 percent year over year. Home sellers in this price segment are getting over asking price at 100.4 percent close-price to list-price.

Modglin adds, “With the average price per square foot increasing over five percent to $324 month over month, and with sales volume increasing 57 percent from the prior month to over $10 million, it was sizzling for condos in the Signature Market.”

Download the report here


DMAR Real Estate Market Trends Report | FEB. '17

Brought to you by: DMAR

Lowest housing inventory on record for month of January, combined with steadily rising interest rates, sets metro Denver up for an early spring selling season.

February 3, 2017

Download the report here

Active listings in the residential market (single family and condos) dropped 6.47 percent to 3,989 last month, which represented an all-time low for any January on record – and only the second-time active listings have dropped below 4,000. The number of sold listings in January decreased by 33.21 percent compared to the previous month. According to Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent, these decreases are normal for this time of year.

“Low housing inventory has been a key driver for over two years now and I don’t see that changing any time soon,” said Danyliw. “Historically, inventory follows a seasonal pattern. We see the bottom in January to February, then peaking in late August to September. The second driver is mortgage interest rates. All predictions indicate a steady rise in interest rates throughout 2017. This could compel buyers that are sitting on the sideline to get into the big game. This - combined with mild temperatures - could cause our spring selling season to start early. I’ve seen forecasted estimates on housing appreciation ranging from 4.5 percent to 10 percent. I think 2017 will hit somewhere in the middle of those numbers.”

In the single-family home market, the average sold price rose 3.86 percent to $448,374, while the median price remained relatively unchanged at $380,000. Year-over-year, housing prices have increased 9.25 and 9.99 percent in the average and median sale prices respectively.

The condo market showed 34.05 percent fewer sales than the previous month, while the average and median sales prices dropped to $288,962 and $242,500 respectively. Year-over-year condo sales prices showed impressive gains, an increase in the average price by 6.83 percent and median price by 12.79 percent.

“Sellers are thrilled by the price appreciation and buyers are frustrated by the low inventory,” comments Danyliw. “If you’re a real estate agent working with a homebuyer under the $400,000 price point, you have a front row seat to a real estate feeding frenzy.”

DMAR’s monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In January 79 homes sold and closed for $1 million or greater – down 15.96 percent from the previous month, and up 16.18 percent year-over-year. The closed dollar volume in January in this luxury segment for both single family and condos was $127,658,230, down 3.68 percent from the previous month, and up 16 percent year-over-year.

The highest priced single-family home sold in January was $5,400,000 representing four bedrooms, seven bathrooms and 10,740 above ground square feet in Evergreen. The highest priced condo sold was $1,850,000 representing two bedrooms, three bathrooms and 2,771 above ground square feet in Denver (Lodo). Listing and selling agent for the condo is a DMAR member.

“The temperature continued to drop in the Luxury Market in January, as many agents who specialize in homes priced over $1,000,000 reported few to no showings over the past two months,” said Jill Schafer, DMAR Market Trends Committee member and Metro Denver real estate agent. “No reason to send out a winter storm warning yet though. The Luxury Market is still starting off warmer this year than any January in the past four years.”

For condos priced $1 million or greater, January sales were down 43.75 percent from December, but December sales were 150 percent higher than November. Luxury condo sales last month were more than double the number of sales compared to January 2014.

Schafer adds, “Luxury condo sales were smoking compared to the first month of 2013, 2014, and 2015. The high-end segment of the market is still the only place where homebuyers have more control than sellers. In fact, buyers in the suburbs have a lot of choices, but the very popular central Denver neighborhoods are as tight for million dollar and up homes as they are for other price ranges.”

Download the report here


 

DMAR Real Estate Market Trends Report | NOV. '16

Brought to you by : DMAR

Historic data indicates Denver-area will see annual appreciation in housing prices during general election years. The market remains robust amidst record low inventory for the month of October and drop in homes sales.

November 3, 2016

Download the report

Year-over-year average price of homes sold is up 9.96 percent to $398,588. However, the number of homes sold in October dropped 11.43 percent compared to last year, and the pace of new listings coming onto the market is slow with 9.87 percent fewer homes year over year. Notably, 2016 represents a new record low in listings for October with 6,731, compared to the previous low record in 2014 with 6,748 listings. From 1985 to 2015, average active listings for October is 16,615. For comparison, the record high October was 2006 with 29,722 listings.

 “With election season coming to an end, an important question we face is how it will affect the metro Denver housing market.” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent. 

Historic data shows that during general election years, starting in 1992, metro Denver has averaged an 8.3 percent increase in annual appreciation in housing prices, with the non-general election years averaging a less yet healthy 6.3 percent increase. Danyliw comments, “The data suggests that metro Denver homeowners win during general election years. Reviewing data from the Freddie Mac House Price Index, nationally we see no real change in home prices during the same timeframe. To those who feel uneasy about the outcome of an election, take solace that our local real estate market remains robust.”

Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In October 95 homes sold and closed for $1 million or greater – down 6.86 percent from the previous month, and up 5.56 percent year over year. The closed dollar volume in October in this luxury segment was $142,285,205, down 9.96 percent from the previous month, and up 1.48 percent year over year.

The highest priced single-family home sold in October was $5,900,000 representing four bedrooms, eight bathrooms and 6,774 above ground square feet in Boulder. The highest priced condo sold was $2,300,000 representing four bedrooms, five bathrooms and 4,271 above ground square feet in Denver. Both the listing and selling agents for the two transactions are DMAR members.

Brought to you by : DMAR



October 2016 PDF

Download Snapshot

Monthly Economic Indicators

Brought to you by: Metro Denver Economic Development Corporation

The Manpower Employment Outlook Survey expects fourth quarter 2016 hiring in the Denver-Aurora MSA to increase from the prior quarter’s level, with the percentage of companies expecting to expand their employment levels rising 3 percentage points to 28 percent. 

The unemployment rate throughout the Metro Denver area decreased between July and August, falling 0.3 percentage points to a 3.1 percent unemployment rate. The Metro Denver unemployment rate was also 0.2 percentage points below the August 2015 level of 3.3 percent. 

Residential building permits for the Metro Denver area recorded a 7 percent increase in total permits issued between August 2015 and 2016, with the over-the-year increase in total permits attributed to a 23.7 percent increase in single-family detached permits. 

Economic IndicatorsOctober 2016Year-Over-Year2016 YTD

Employment Growth

+400 No change

Employment unchanged from July to Aug.

+51,100 Increase

Employment up 3.2% from Aug. 2015 to 2016

+47,900 Increase

YTD employment up 3.1% through Aug.

% Companies Hiring (Denver Area)

28 % Increase

Companies expecting to add workers rose 3 percentage points from 3Q 2016 to 4Q 2016

28 % Increase

Companies expecting to add workers rose 9 percentage points from 4Q 2015 to 4Q 2016

25 % Increase

YTD average up 3 percentage points compared with 2015

Unemployment Rate

3.1 % Decrease

Unemployment was down 0.3 percentage points from July to Aug.

-0.2 percentage points Decrease

Unemployment rate down from Aug. 2015 to 2016

3.3 % Decrease

Down from 2015 YTD average of 4.0%

Initial Unemployment Insurance Claims

3.8 % Increase

Claims increased from July to Aug.

-7.8 % Decrease

Claims decreased from Aug. 2015 to 2016

-3.3 % Decrease

YTD average claims decreased through Aug. 2016

Total Retail Sales

-1.1 % Decrease

Metro sales decreased from Jan. to Feb.

1.3 % Increase

Metro sales up from Feb. 2015 to 2016

-2.8 % Decrease

YTD sales down through Feb. 2016

Consumer Confidence Index

106 Decrease

Index down 3.9% from Aug. to Sept.

-5.4 % Decrease

Index down from Sept. 2015 to 2016

100.8 Decrease

YTD average down 9.3% through Sept. 2016

Hotel Occupancy

86.2 % Decrease

Decreased 1.5 percentage points from July to Aug.

0.9 percentage points Increase

Occupancy increased from Aug. 2015 to 2016

77.1 % Decrease

YTD occupancy down 1.7 percent from last year

DIA Passengers

5.1 % Increase

Passengers up from June to July

9.1 % Increase

Passengers up from July 2015 to 2016

7.2 % Increase

YTD passengers increased through July 2016

Bloomberg Colorado Index

519.5 Increase

Index up 1.5% from Aug. to Sept.

-6.5 % Decrease

Index down from Sept. 2015 to 2016

4.5 % Increase

YTD return through Sept. 2016

Dow Jones / Industrial Average

18,308.2 Decrease

Index down 0.5% from Aug. to Sept.

12.4 % Increase

Index up from Sept. 2015 to 2016

5.1 % Increase

YTD return through Sept. 2016

 
     

Median Home Price (Denver-Aurora MSA)

$394,400 Increase

Up 6.9% from 1Q 2016 to 2Q 2016

8.7 % Increase

Price up from 2Q 2015 to 2Q 2016

$381,700 Increase

YTD price 8.9% higher through 2Q 2016

Foreclosures

269 Increase

Up 30% from July to Aug.

-4.3 % Decrease

Down from Aug. 2015 to 2016

2,170 Decrease

Down 11% YTD through Aug. 2016

Residential Building Permits (Total)

1,608 Increase

Permits increased 9.7% from July to Aug.

7 % Increase

Permits up from Aug. 2015 to 2016

13,724 Increase

YTD permits up 16% through Aug. 2016

Apartment Vacancy Rate

5.4 % Decrease

Vacancy decreased 0.7 percentage points from 1Q 2016 to 2Q 2016

0.9 percentage points Increase

Vacancy increased from 2Q 2015 to 2Q 2016

5.8 % Increase

YTD average up 1.1 percentage points from last year

Office Vacancy Rate (with Sublet)

10 % Increase

Vacancy rate up 0.3 percentage points from 2Q 2016 to 3Q 2016

-0.4 percentage points Decrease

3Q 2016 vacancy rate down from 10.4% one year ago

-0.4 percentage points Decrease

3Q 2016 vacancy rate down from 10.4% one year ago

Industrial Vacancy Rate (with Sublet)

3.7 % Increase

Vacancy rate up 0.2 percentage points rom 2Q 2016 to 3Q 2016

+0.8 percentage points Increase

3Q 2016 vacancy up from 2.9% one year ago

+0.8 percentage points Increase

3Q 2016 vacancy up from 2.9% one year ago

Retail Space Vacancy Rate (with Sublet)

4.8 % Decrease

Vacancy rate down 0.1 percentage point from 2Q 2016 to 3Q 2016

-0.3 percentage points Decrease

3Q 2016 vacancy rate down from 5.1% one year ago

-0.3 percentage points Decrease

3Q 2016 vacancy rate down from 5.1% one year ago

    

DMAR Real Estate Market Trends Report | SEP. '16

September 7, 2016

Brought to you by - DMAR

While home prices experienced a slight dip in Metro Denver, overall trends show boom in appreciation values since 2014. The average and median sold prices of homes both slowed down from the previous month, with appreciation slipping 1.41 percent to $404,160 and 0.46 percent to $350,000, respectively. While home prices had a slight decline month over month, Denver-area has experienced a 23 percent boom in average home appreciation values year to date in the past 24 months.

 

Download the report

“The thrill of victory and agony of defeat are easily interchangeable between sports and real estate,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “As the past twenty-four months have shown us, home sellers rejoiced about the rapid increases in home values that enabled many to buy-up in the market, while, at the same time, many would-be homebuyers experienced the agony of being priced out of the market.” 

Notably, according to Rael, the market is seeing that appraisals are taking longer and, as a result, are causing widespread delays with home closings. He conjectures that the delays will decline when interest rates rise, as the rise will cause refinance appraisals to drop.

By the numbers, month over month for the residential market (single-family and condos), 6,471 new listings came on the market (down 5.05 percent), 5,597 homes were placed under contract (up 2.96 percent), and 5,378 homes sold and closed (up 1.97 percent). The month closed with 7,327 active listings – representing a decrease of 1.89 percent in inventory over the previous month. Days on market closed the month at 28, up from 25 in July. The total sales volume was $2,173,570.473, up 0.53% over the previous month and up 9.66 percent year over year.

Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In August 127 homes sold and closed for $1 million or greater – down 5.93 percent from the previous month, and up 14.41 percent year over year. The closed dollar volume in August in this luxury segment was $196,387,593, down 3.03 percent from the previous month, and up 21.89 percent year over year.

The highest priced single family home sold in August was $5,321,200 representing four bedrooms, six bathrooms and 7,826 above ground square feet in Denver. The highest priced condo sold was $3,250,000 representing three bedrooms, four bathrooms and 4,903 above ground square feet in Denver. Both the listing and selling agents for the two transactions are DMAR members.

Nearly eight percent fewer homes priced at $1 million or greater were sold in August compared to July, but condo sales increased 28.57 percent.

“Homebuyers are still in charge in the Luxury Market with 7.91 months of single-family inventory and 8.33 months of condo inventory,” stated Jill Schafer, DMAR Market Trends Committee Member and Metro Denver real estate agent. “Strides have been made to reduce that inventory with year-to-date single-family sales up 19.56 percent from 2015, and condo sales up 35.29 percent.” 

The total price per square foot of homes in the Luxury Market segment jumped $20, from $268 per square foot year to date in August 2014 to $288 per square foot year to date in August 2016.

Download the report

Article brought to you by - DMAR


Denver’s Appeal to Millennials? Jobs, Mountains and...

Brought to you by- The New York Times

It’s no surprise that the millennial generation is helping Denver grow; the city’s appeal to younger residents has been well documented. Now, the New York Times chimes in with its assessment of the city’s appeal to millennials.

In a special “Cities” section in the newspaper’s Thursday’s print edition (7/21/16), it’s reported that Denver appeals to millennials for more reasons that its beer, mass transit, mountains and legal marijuana. Denver “has risen from economic stagnation and urban irrelevance to become a millennial magnet,” the Times reported, adding “one obvious reason is the economy: the city’s is healthy — and hiring.” An analysis of census data by Zillow, found that 18- to 34-year-olds accounted for 35 percent of the city’s population growth from 2010 to 2014, up from 26 percent in the first 10 years of the century.

In March, Denver was rated the best place to live in the country by U.S. News and World Report and last month, Denver was ranked high by millennials as a great place to live.

Read the full article here

 


 

City and County Market Trends Report | AUG. '16

Quick look at City and County Market Trends Report July data. The 39 downloadable reports are comprehensive and a fantastic member benefit. Download all the reports with one click below.

Download

Downloadable reports available: 

  • Adams County
  • Arapahoe County
  • Arvada
  • Aurora
  • Blackhawk / Central City
  • Boulder County
  • Brighton 
  • Broomfield 
  • Castle- Pines / Castle Pines North
  • Centennial
  • Cherry Hills Village
  • Clear Creek County
  • Commerce City
  • Denver
  • Douglas County
  • Edgewater
  • ?Elbert County
  • Englewood
  • Evergreen Conifer
  • Jefferson County
  • Gilpin County
  • Glendale
  • Greenwood Village
  • Golden
  • ?Highlands Ranch
  • Idaho Springs
  • ?Lafayette
  • Lakewood
  • Littleton
  • Lone Tree
  • Louisville
  • Northglenn
  • Park County
  • Parker
  • Sheridan
  • Superior
  • Thornton
  • Westminster
  • Wheat Ridge

Download

Brought to you by - DMAR

August 11, 2016

DMAR Real Estate Market Trends Report | AUG. '16

Buyers feel relief with price improvements and an abundance of listings. In July, for the entire residential market (single family and condos), there were decreases in nearly every category, including new listings, homes sold, average and median sold prices and overall sales volume. The only category showing an increase was active listings, up 9.89 percent compared to the month prior. 

August 4, 2016

Download the report

“Who needs a national political convention for entertainment when we get to experience the Denver Metro real estate market?” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “July was an interesting month overall as so many seasonal factors converged, pushing nearly every statistical category into the red zone.” He adds, “The one and only category that showed an increase at month’s end was active listings. As mortgage rates continue to be ridiculously low, it’s a good time to get buyers in the car and go shopping because there is an abundance of listings to quench the thirst of those who were beginning to grow weary over the past few months.” 

It is important to note, however, that although overall inventory is up month-over-month, this was the lowest July on record for active listings, down slightly (0.03 percent) from the previous record set in July of last year. The record high average active listings for the month of July, and also the all-time record high, was set in 2006 with a whopping 31,989 listings.

By the numbers month over month, for the entire residential market, 6,814 new listings came on the market (down 10.52 percent), 5,436 homes were placed under contract (down 2.70 percent), and 5,016 homes sold and closed (down 10.79 percent). July closed out with 7,468 active listings, representing a 9.89 percent increase in inventory over the previous month. Average and median sold home prices both slowed down from the previous month, with appreciation slipping 1.88 percent to $412,312 and 3.01 percent to $354,000 respectively. Days on market closed the month at 25.

For the single-family home market, new listings dropped to 4,988 (down 12.61 percent) over the previous month. Average and median sold prices slipped month over month with decreases of 0.87 percent to $460,623 and 1.34 percent to $389,900 respectively. Year over year, single-family home prices are still up an average of 12 percent. The condo market showed the supply of new listings fall by 4.25 percent over the previous month to 1,826 units. The average and median sold prices decreased 2.32 percent to $285,531 and 2.80 percent to $243,000 respectively. Average sold prices for condos are still doing very well with appreciation of 12.02 percent year-over-year. Across the board, total sales volume was $12.4 billion year to date (up 5.70 percent compared to 2015).

Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In July, 127 single-family homes sold and closed for $1 million or greater – down 15.89 percent from the previous month and up 17.59 percent year over year. The closed dollar volume in July for single-family homes in the luxury segment was $193,359,405 down 13.74 percent from the previous month, and up 14.17 percent year over year.


The highest priced single-family home sold in July was $5,600,000 representing seven bedrooms, 11 bathrooms and 12,044 above ground square feet in Denver Country Club. The highest priced condo sold was $1,450,000 representing two bedrooms, three bathrooms and 2,202 above ground square feet in Denver. Both the listing and selling agents for the two transactions are DMAR members.

From June to July, there was a 15.89 percent decrease in the number of single-family homes sold over $1,000,000. Year to date, there was a 20.32 percent increase compared to last year and a 49.35 percent increase compared to 2014. Price per square foot continues to increase as well, with the average total price per square foot (all floors including basements) at $263 year to date for single-family homes, which is 4.37 percent higher than in July of 2014. The average price per square foot for condos was $551, which is 13.61 percent more than two years ago.

Download the report

 


 

The Denver Post

Metro Denver housing remains...

| asvaldi@denverpost.com

20160117__BZ0117HOMESALES_01~p1.jpg

Embers from metro Denver’s scorching housing market, which cooled late last year, remain hot enough to reignite into another nation-leading performance, some forecasts are predicting.

Activity slowed in the fall, and the market probably won’t burn as bright as it did in 2015, a record year. But metro Denver home price gains should remain at the top of the charts nationally for a second year in a row.

“If the jobs are there, if the wages are there, if the overall confidence of the consumer is there — those are the key ingredients for a housing market,” said Alex Villacorta, vice president of research and analytics at Clear Capital in Reno, Nev.

Clear Capital is forecasting that metro Denver home prices will rise 7.7 percent this year, after an 11.7 percent gain on its home data index in 2015.

U.S. home prices, which appreciated at a 6.5 percent pace in 2014 and a 5.1 percent pace in 2015, will gain only 1.4 percent in 2016, Clear Capital predicts. Against that backdrop, Denver will lead major metro areas for home price appreciation this year, followed by Dallas and Jacksonville, Fla., the company predicts.

Metro Denver’s low 3.2 percent unemployment rate, 1.1 percent income growth and strong home price appreciation put it first on Zillow’s “hottest housing markets” list for 2016.

Zillow considers Denver “hotter” than Seattle; Dallas-Fort Worth; Richmond, Va.; and Boise, Idaho.

Seattle-based Zillow, like Clear Capital, is calling for slower home price gains nationally and in Denver. It forecasts a 5 percent gain in its Denver home price index this year, down from a sizzling 16 percent gain measured last year.

For many, including those who make a living buying and selling homes, the slower pace will come as a relief.

“We can’t continue to sustain these year-over-year, double-digit increases over the long run,” said Anthony Rael, chairman of the market trends committee at the Denver Metro Association of Realtors.

The Denver Post looked at statistics from REColorado, which owns the region’s listing service, and DMAR to determine how 2015 compared to other hot stretches for housing since 1990.

A record 55,509 homes were sold in metro Denver last year, marking the third straight year that home sales topped 50,000. The last time metro Denver had that kind of run was from 2004 through 2006.

Single-family housing starts in metro Denver are running at about 60 percent of the pre-bust pace and are accelerating enough to potentially regain long-term averages by late 2016 or 2017, Denk predicts.

Of the country’s 50 most active master-planned communities, three are in metro Denver — Stapleton at No. 4, The Meadows in Castle Rock at No. 35 and Green Valley Ranch at No. 43, according to John Burns Real Estate Consulting.

Since 1990, single-family permits have accounted for two-thirds of the total in metro Denver. For the past four years, single-family homes have represented about half the total, another big difference from last decade.

The product being built, whether for purchase or rent, is targeting households with higher incomes. That higher-end focus, combined with the overall lack of supply, helped drive the average price of a home sold in metro Denver to a record $363,143 last year.

That’s a 29 percent jump from 2012 and double the increase seen in the 2004-06 stretch. But it still lags the 41 percent run-up in the average price of homes sold in the late 1990s, when the tech and telecom boom fueled housing demand in a constrained market.

Still, last year’s gains put metro Denver at or near the top of multiple rankings for home price appreciation.

Denver, Boulder, Fort Collins and Greeley all made the top 10 out of 271 metro areas for home price appreciation in the third quarter, according to the Federal Housing Finance Authority.

“Even in this heated environment, we still see the buyer being very discerning. They won’t overpay. Sellers that overshoot end up with a home sitting on the market. It will just sit there,” Thompson said.

Properly priced homes hitting the market for under $350,000 are still selling quickly, typically in under a week, he said.

“People are very excited about the market and starting to jump back in,” he said. “I don’t believe that Denver will slow all that much unless interest rates skyrocket.”

Redefy is calling for Denver home prices to rise 7 percent this year and for the area to remain a top housing market nationally for at least two more years, Connett said.

Brought to you by: The Denver Post July 27, 2016


Market Statistics

Each month, we provide the latest Denver Metro real estate market statistics based on data from Land Title. These stats are intended to help so you can make an informed decision about the Denver Metro real estate market before you buy or sell a home in the Denver Metro area. Call us today for a FREE market analysis.

These statistics are for Single Family homes across the Denver Metro area. If you would like similar statistics for a specific area, property type or price range, please contact us and tell us how we can help. We can provide real estate market statistics for any specific region around Denver.


DMAR Real Estate Market Trends Report | JUL. '16

Denver's red-hot real estate market exploded with a flurry of new listings and active inventory. In June, for the entire residential market (single family and condos), there was a 24.40% increase in active listings and 12.17%increase in new listings compared to the month prior. Year over year, active listings increased 9.67% and new listings increased 6.79%.

July 6, 2016

Brought to you by - DMAR


Competitive Housing Market Drives Housing Prices to All-Time Highs

GREENWOOD VILLAGE, CO – June 3, 2016 – The latest data from REcolorado, the provider of REcolorado.com, a free home search site for Colorado home buyers, sellers and renters, reveals that home sales prices have reached another all-time high. Sales remained strong as more homes came on the market.   

The sold price of a Denver-area home surpassed the $400,000 mark for the first time ever, reaching an average of $407,662. Home prices in May were up four percent month over month and nine percent as compared to last year. The average sale price of a single family detached home climbed to $448,804, three percent higher than last month, and eight percent higher than a year ago. Condos and townhomes saw price increases as well, reaching $297,930, which is four percent higher than last month and a 14 percent year over year increase.    

“After dipping slightly last fall, home prices continue to grow at a moderate pace this spring selling season,” said Kirby Slunaker, president and CEO of REcolorado. “That bodes well for home sellers, as well as home buyers who continue to move quickly in an effort to purchase moderately-priced homes while interest rates remain low.”

Although 7,285 new listings hit the market in May, robust demand kept inventory levels from rising at their usual pace for this time of year. At month’s end, there were 6,565 available homes for sale in the Denver Metro and surrounding area, seven percent more than last month, but five percent less than last year.  In May, the supply of inventory in the greater Denver Metro Area remained at approximately six weeks.  

Strong demand also kept month-over-month sales strong.  In May, 4,939 homes sold, up 10 percent from April, but down 12 percent as compared to last year.  Homes continue to sell quickly, spending an average of just 24 days on the market. 

REcolorado.com Now Includes Listings from Royal Gorge Association of REALTORS®

We are pleased to announce, we have added even more listings of homes for sale from throughout Colorado to REcolorado.com. Royal Gorge Association of REALTORS® is our newest Your Listing. Your Lead. partner, adding approximately 1,000 listings of homes and land for sale in the Fremont and Custer County areas to REcolorado.com. This boosts total inventory on REcolorado.com to nearly 25,000, solidifying our position as the largest MLS-run home search site in the state.

Last month alone, REcolorado.com had more than 2 million visitors. Want to learn more about how more visitors to REcolorado.com benefits you? Please take a look at our blog post, Steamboat Listings Now Available On REcolorado.com … and, answers to some of your questions about how this benefits you, for more information.

Royal Gorge Association of REALTORS joins REALTORS of Central Colorado, Steamboat Springs, Vail Valley, and Grand County as our fifth partner to make their members’ listings available for consumers to search on REcolorado.com. Listings from Telluride Association of REALTORS® will be added next.

Brought to you by - Recolorado