Colorado Front Range Home Sales See Strongest November in 12 years
According to the latest data from REcolorado, monthly home sales reached near-record levels in November, while inventory levels remained low.
Last month, the Denver Front Range real estate market saw the second-most sales of any November in the 26-year history of the REcolorado market report. During the month, 4,400 homes sold, 10 percent more than November of last year. As compared to last month, sales saw a seasonal decrease of six percent.
Strong sales kept weeks of inventory steady at just seven weeks.
Due to a growing population, strong job market, and steady holding interest rates through November, there continues to be a high demand for single family homes in Metro Denver. This indicates that 2017 will continue to be very active.
Continued strong demand kept inventory levels low in November. The month ended with 6,767 active listings of homes for sale in the Denver area, down 15 percent as compared to last month and three percent lower than November of last year. Additionally, sellers brought fewer new listings to the market in November, which is typical as the holiday season gets underway. Last month, 4,055 new listings came on the market, 23 percent fewer than last month, but 10 percent higher than this time last year.
Home values inched up a bit in November, once again surpassing the $400,000 mark. The average sale price for a single family home in the Denver Metro area last month was $400,349, a two percent month-over-month increase and ten percent higher than this time last year. At $437,231, the average sale price of a detached single family home was up ten percent as compared to last year. The average sale price for a condo/townhome was $297,398 in November, a year-over-year increase of eight percent.
If you have any questions, feel free to contact your local metro Denver real estate professionals, The Bandy Team! Our team will guide you through all phases of the home buying and home selling process in Denver. Let us show you homes in some of the fine communities of Parker, including real estate in The Pinery , homes in Canterberry, or property in Stonegate.
We are here to help you find your dream home and will guide you every step of the way!
Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows