According to the latest data from REcolorado, the provider of REcolorado.com, the most popular, locally run home search site for Colorado home buyers, sellers and renters, the Denver Metro Area housing market carried its positive momentum into 2017 with single family home sales and prices both rising in January.
According to REcolorado market statistics for the 11-county metro area demand for homes remained strong during the month with 3,179 homes sold, up six percent as compared to this time last year.
Inventory remained tight in January, with both the number of new listings that came on the market and the number of available listings of homes for sale seeing year-over-year decreases. Throughout the month, 3,804 new listings came on the market, one percent less than this time last year. January ended with 4,677 active listings of homes for sale, a nine percent decrease as compared to January last year.
At the current sales pace, there are enough listings on the market to last six weeks. Generally, five to six months of supply is considered a balanced market.
“The year has started off strong thanks to demand from buyers ready to jump into the housing market now,” said Kirby Slunaker, president and CEO of REcolorado. “Buyers have been motivated by rising prices and the prospect of higher mortgage interest rates, which have increased marginally over the past several months.”
The average sale price of a home sold in the Denver area increased in January to $401,766, a two percent month-over-month increase and an increase of eight percent year over year. At the end of January, the average sale price for a single family detached home was $446,798 and the average sale price for a condo/townhome was $288,615.