The big story of 2016’s forth quarter in Denver’s real estate market has been the dwindling inventory. October, November and December all saw significant declines in active listings.
Not only did inventory fall month to month in the forth quarter but inventory was significantly lower than forth quarter of 2015. In December active single family home listings were at 4,670 , down a whopping 30.2% from the previous December.
The months supply of inventory (how long it will take to sell all active homes on the market) is at 1.3 for single family homes and just .9 for town homes and condos.
Single family homes sold (closed) in December were down -4.2% from December of 2015. But the number of single family homes that went under contract in December were 19.5% higher than December of 2015.
The average sales price for a single family home in Denver in the month of December was $424,482 up 4.8% from December 2015. The average sales price of townhomes and condos was $306,795 in December up 11.4% from December of 2015.
What does this all mean? Denver is still a seller’s market. Sales are high and inventory is very low. If you have been thinking of selling your home, you haven’t missed the boat!
The thriving economy and newcomers still moving to the state will likely mean that 2017 will be another year of high activity in Denver’s real estate market.
Thinking of selling your home? Click here to get a free valuation of your home.
Whether buying or selling a home, call Courtney Murphy, your Denver metro real estate expert!
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