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2015 Year in Review for Colorado Housing Market

By
Real Estate Agent

  http://np.ly/aJ6

 

 

As we approach the end of 2015, it's a great time to take a look back at how the Colorado housing market fared this year.

This year turned out to be another strong year overall for the local real estate market, especially for home sellers.

According to the Colorado Association of REALTORS® (CAR®), the market experienced good appreciation in sale prices in many areas. Statewide, the median sale price in Colorado through October was up 14.4 percent compared to the same period a year ago, reaching $216,000.

In the Denver Metro Area, the median sale price of single-family homes in October hit $315,000, up 12.5 percent, according to MLS data analyzed by Coldwell Banker. The median sale price for condominiums also climbed 12.5 percent to $197,000.

Boulder County's median sale price for all properties sold in October soared nearly 20 percent from a year ago to $411,000. And the Northern Colorado region (Weld and Larimer counties) saw a 9.5 percent jump in the median sale price.

Strong buyer demand, a vibrant local economy and a continuing decline in the inventory of homes on the market, combined to help make 2015 another seller's market here in Colorado. Healthy job growth, especially in the tech sector, fueled demand for homes – everything from entry-level properties to multi-million-dollar estates.

Another factor that helped bolster the housing market was a continuation of attractive mortgage interest rates, which remained near historic lows this year and continued to help make homes more affordable.

According to Freddie Mac, the average 30-year fixed rate mortgage in the U.S. as of mid-November stood at 3.98 percent. Although the Federal Reserve is considering a rate hike this month, CAR® believes that any boost in rates will be relatively small and will increase gradually in the coming year.

One of the biggest challenges to the housing market in 2015 was that there were just not enough listings to meet buyer demand. The number of homes for sale in October in the Northern Colorado area was down 37 percent over the same month last year. And in Boulder County it's down 47 percent.

The shortage of listings led to multiple offers on some properties this year, and even bids over the asking price for certain homes. And limited inventory may also have been a contributing factor in keeping a lid on home sales overall in 2015. Through October, sales in the Denver Metro Area were up less than 1 percent compared to the same 10 months last year.

Just how hot is the Denver housing market? Well, according to realtor.com's latest nationwide housing report, Denver has moved to the top spot among the 20 hottest U.S. cities, surpassing even those in Silicon Valley.

But the good news for prospective homebuyers is that inventory is finally starting to loosen up as the end of the year approaches. In the Denver Metro Area, the number of unsold listings actually edged up 4.5 percent higher in October.

So if you've been thinking about selling your home, now may be a good time to take advantage of the current seller's market. There just aren’t enough good homes on the market right now.

I know you may have questions about making a move, what your home might be worth, and what's involved in putting a home up for sale. I'm happy to walk you though the process and answer any questions you may have. Please give me a call or e-mail me today and we'll get started!
 
 
 
©2015 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. Nothing herein is intended to create an employment relationship. Any affiliation by you with the Company is intended to be that of an independent contractor sales associate.
 

 

 

Elena Keil

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Show All Comments Sort:
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Elena Keil, Welcome to Active Rain and congrats on your first blog post here.  It is well written and informative.

Dec 27, 2015 10:35 AM
Barbara Todaro
Retired...Mentoring Newbies - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning Elena Keil it sounds like business in CO is booming.... and I know from reading other post here that it's an extreme sellers' market.... 

Dec 27, 2015 06:49 PM
Barbara Todaro
Retired...Mentoring Newbies - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain....it's a great place to learn, share, market and network....and I hope you enjoy all of it....

Dec 27, 2015 06:49 PM
Michael J. Perry
Fathom Realty - Lancaster, PA
Lancaster, PA Relo Specialist

Welcome to AR . Make sure you visit the Q & A daily and ask you questions there ! Also follow several AR Millionaires to see how they are marketing their listings on AR !

Dec 27, 2015 10:32 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty

Welcome to Active Rain!  As REALTORS who have been here (on and off) for more than 9 years, it's well worth it!

Dec 27, 2015 10:40 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain and thanks for the Colorado Housing information. I look forward to reading more about your market.

Dec 27, 2015 11:41 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Elena Keil and welcome to the rain.  Yes our state is interesting in the figures for 2015.  Thanks for sharing.  Have a great day!

Dec 28, 2015 12:39 AM
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

Great post.  I look forward to reading more of your posts and getting to know you and your market.

Dec 28, 2015 02:43 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Elena Keil, Welcome to Active Rain and congrats on your very first blog post. t sounds like Denver is a great place for selling real estate right now.

Dec 28, 2015 03:13 AM
David Jones
BuyersAsk.com - Aliso Viejo, CA
BuyersAsk.com

Elena. Welcome to Activerain. Lots of good information in your post. Great start.  Dave

Dec 28, 2015 06:06 AM
Nancy Robinson Ranked #6 in MI
Century 21 Town and Country - Royal Oak, MI
#11 Century21 Realtor in the US, #16 in the World

Beautifully written.  I enjoyed reading about the boom that is happening in Colorado.  Michigan had the same sort of rise a few years back and now we are leveling off.  It was a great ride up and sorting it all out has indeed  been an amazing  thing. 

Dec 28, 2015 06:38 PM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Hi Elena! Welcome to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career.

Dec 28, 2015 11:11 PM
Kathy Goldman
REVA Online | SEO Boost For Real Estate, Social Media Marketing for Real Estate and Real Estate Blogging Expert - Waukesha, WI
Social Media & Marketing for Real Estate

Great review Elen Keil! Lots of great information for trends and past conditions. Nice job!

Dec 29, 2015 03:17 AM
Kathy Goldman
REVA Online | SEO Boost For Real Estate, Social Media Marketing for Real Estate and Real Estate Blogging Expert - Waukesha, WI
Social Media & Marketing for Real Estate

BTW, welcome to ActiveRain. You may end up getting all kinds of feedback on this topic as we are a very "sharing" community here! I am a real estate virtual assistant with 25+ years of experience and offer tips each week so feel free to follow my posts at ActiveRain.com/blogs/kgoldman

And remember our Motto:  "If it doesn't directly make you money, you should delegate it!"

Dec 29, 2015 03:17 AM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Welcome to ActiveRain Elena Keil.

Excellent first post to describe 2015 review of Colorado housing market.

We all see the shortage of listings in almost all areas.

Dec 29, 2015 12:51 PM
Kathleen Frawley
Keller Williams 916 730-4404 Elk Grove, Wilton, Folsom, Sacramento - Wilton, CA
South County Sacramento, 916 730 4404

What a great first post! It looks like you have your finger right on the pulse of Colorado.  Welcome to the rain.

Dec 30, 2015 04:06 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Well written report Elena!

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
Bob

Jan 10, 2016 11:45 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC • Short Sale • Probate

Welcome to the Active Rain community.

Have a bliss with blogging and marketing:) 

Jan 10, 2016 05:41 PM
Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Hi Elena, Welcome to the Rain! ActiveRain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard. I look forward to reading your upcoming posts. If you would like to connect with me on ActiveRain, please subscribe to my blog! Welcome Aboard, Happy New Year and Much Success! 

Jan 23, 2016 01:39 PM