Just as we changed our clocks ahead over the weekend, housing markets across Colorado look to spring forward as well.
Realtor.com noted Denver real estate markets in 2015 were some of the hottest in the country, but 2016 is setting a new pace. Economic growth combined with low inventory and interest rates are continued factors in these year-over-year comparisons.
According to the Colorado Association of REALTORS® market report, The average sales price in 2016 is up 5.7% compared to 2015. The 2015 average days on market was 76. The 2016 average is down to 64 days with a 99% list price received on home sales. The year to date (YTD) number of listings sold in 2016 is at 12,035, a 7.2% increase from 2015 YTD sales. Pending sales or under contract listings for 2016 is currently at 16,605. This number is up 12.9% from the same time frame in 2015. New listings are currently down 2.5% from last year and there is only a 2 month supply of inventory currently available.
The National Association of REALTORS® states half of all new listings in 2015 were first listed between March and July. Historical statistics also show sales prices increase in the second and third quarter. You could benefit by listing your home now and avoid the competition of listings to hit the market within the next 3 months. To help you navigate the current market, consult the experts at COListings.
Source: "February Market Report," Colorado Association of REALTORS® (March 3, 2016) Source: "The Hottest U.S. Housing Markets in December 2015," Realtor.com: (December 28, 2015) Source: "The 20 Hottest Real Estate Markets in July 2015," Realtor.com® (Aug. 3, 2015)