January’s statistics showed increases in the number of new listings that came on the market, indicating some sellers are looking to get a jump on the selling season and take advantage of what continues to be a prime seller’s market. January saw 3,964 new listings come on the market, a 62 percent increase over last month. Indicative of the competitive housing market, sellers saw an extremely quick sales cycle. The average days on market remained at just 39 days, 17 days less than January 2014. Buyers began scooping up the new inventory quickly, as 4,514 listings went under contract, a 28 percent increase over last month.
“An influx of new listings gave the metro Denver housing market some momentum as the new year began,” said Kirby Slunaker, president and CEO of REcolorado. “With inventory levels remaining low and prices holding strong, the market continues to be competitive and fast-moving. Now is a great time for sellers who have been waiting to put their home on the market.”
Residential housing inventory levels in the greater Denver area remained at historically-low levels, despite the increase in new listings. Since July of last year, the number of available homes on the market has continued to shrink. At the close of January, there were only 5,152 active listings on the market, a four percent decrease over last month and 26 percent less than last year.
While January brought a slight cooling in average sales price, home values remained high. At $329,141, average sale price was down 3 percent month over month but up nine percent year over year. Sales also saw a seasonal downtick. In January, 2,497 homes sold, which was a 37% decrease compared to December.
Consumers’ desire to buy is reflected in their confidence ranking, up to 102.9 from 93.1 in December. This is the highest consumer confidence has been since August 2007.
For Sellers, price appreciation is looking good. Year over year average sales are up 11.22% and median sales prices are up 16.55% for single family homes. The condo market remained strong, with relatively unchanged average and median sale prices since December. Year over year, condo sales prices showed double-digit gains. The only downside of this price appreciation? The lack of available homes.
Understandably with this rise in scarcity, there has been a large increase in foot traffic at open houses and an increase in showing activity. That means multiple offers and rising prices for the foreseeable future. Sellers are encouraged to set realistic expectations when pricing, so that their showings and open houses will yield offers instead of just interest.
Buyers, on the other hand, should be prepared to remain diligent and patient. It is important not to hesitate in a market like this. Similarly, buyers need to consider carefully what they ask for in an inspection objection. With so many interested parties, sellers might let deals fall through and re-list a property rather than deal with the hassle of a long inspection list.
Let the professionals at the Bandy Team help you buy or sell a Denver property, contact us for a no-obligation consultation. If you’re thinking about buying a home, we can show you some terrific property in Denver, including homes for sale in Parker and properties in Castle Rock, as well as, real estate for sale in Highlands Ranch.
Are you ready to get started finding your dream home? Get metro Denver Property Alerts in your email and be the first to know when new homes fitting your search criteria come on the market.
We are here to help!
Until next time,
Marianne
Marianne Bandy
The Bandy Team
Keller Williams Park Meadows
720-466-3790
Comments (0)Subscribe to CommentsComment