The new year is beginning quickly for real estate in the Denver region
A massive influx of new homes hit the Denver Metro in January, but were quickly picked up by home buyers.
While 4,853 new listings came on the market, the 89% increase from December compared to January ended with 4,941 active listings as house buyers put 43% more homes month to month pending, reducing the excess of real estate holdings.
Factors that contributed to the rapid warming of the market included persistently low interest rates and 18 days above average temperatures in January.
On the heels of a slow December
Across the entire residential property market, the number of closed houses and sales volume in January decreased approximately 35% from month to month, due to slower market activity in late 2019. The days in the market were longer, averaging 45 versus 41 in December.
Fixed property prices
The average price for single-family homes fell from its summer highs, but rose 6.86% year over year to $ 532,494. The picture is slightly different for condominiums, where the monthly average price fell 5% to $ 355,754, which is also a decrease of 0.37% from the same month last year. This is the first price drop in January in at least four years.
Homebuyer advantage in the luxury segment
In the luxury market, the monthly housing inventory for homes over $ 1 million increased to 6.92 for single-family homes and 8.5 for condominiums, an increase of 41% and 68%, respectively, compared to the previous month. Luxury buyers do not have to compete as much as other price segments.
In January, 11.7% more single-family houses and 20% more condominiums were closed in the luxury market compared to the previous year. The number of houses that were closed on the entire luxury real estate market rose by 12.6% and the total sales volume by 4.7% compared to the previous year. However, sales volume and the number of houses closed in the entire luxury housing market declined by 46% compared to the previous month.
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