Hold on to your hats!
If the January 2016 performance of the metro Denver real estate market is any indication, this year is going to make 2015’s record setting year look anemic … at least in terms of the number of sales.
There were 3,141 closed transactions in January this year compared to 2,722 in January a year ago. That is more than a 15% increase. If this pace kept up, we’d have 70,000 resale homes changing hands this year compared to the record setting pace of almost 60,000 in 2015.
Prices continue to climb at double digit rates no matter what measure of price increase you’d like to use. While the inventory of homes on the market remains low, it is steady and no different than last year at this time.
Here’s the summary of market performance this January compared to January of 2015:
The stats above are for sales activity in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties. It includes homes sales handled by real estate agents though Metrolist/REColorado®, Inc., the MLS system serving the metro Denver area.
You can see a more extensive breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post. Be sure to take a peek.
If you like the look of those reports, we can produce one for you that is specific to your zip code and property type. The market is not uniform. Your part of town may be doing better or worse than the metro-wide averages.