Denver home inventory hit an all-time low for February 2017
Denver home inventory hit an all-time low in February. Active listings for both single-family and condos were at 3,878 which was only the third time active listings have dropped below 4,000 units. However, February did experience a surge of new listings with a month-over-month increase of nearly 20%, and a year-over-year increase of 6.81%. The healthy increase in new listings was squelched by an equally healthy increase of properties placed under contract. Homes under contract increased 17.82% from last month, and 4.79% from February of last year. Notable, even though the total housing inventory was down last month, condo inventory was up 19.25% year-over-year. Average sold price for condos did increase 5.4% to $297,610, which indicates that the units continue to be newer product priced on the higher end of the condo spectrum.
Average sold price for single-family home remained relatively unchanged at $447,838, while the median price rose 3.68% to $394,000. Year-over-year, the appreciation was 8.59% and 11.38% for average and median sales price respectively. The luxury segment for both single-family and condos did see a drop in closed dollar volume in February at $87,426,822, down nearly 34.79% month-over-month, and down 17.14% year-over-year.
The value of residential properties in the state stood at $700.9 billion on June 30, 2016 according to a biennial study from the state’s Division of Property Taxation. Two years earlier, assessor’s value of residential properties total $560.2 billion, which was a $140.7 billion increase, or a bump of 25.1%, although some of that gain comes from new home and apartment construction.
The percentage of single homebuyers buying homes in the Denver area has dropped over the last 10 years according to a new report from Zillow. Only 26.2% of Denver homebuyers were single in 2015, which is down from 35.7% in 2005.
Single-family home rent hikes in Denver are 4th highest in U.S. with an increase of over 10% year-over-year in the Denver-Aurora area according the latest report from RentRange. Vacancy rate for single-family homes in the Denver-Aurora market stood at 2.8% in the fourth quarter of 2016. Notable, a total of 38.8% of Denver-Aurora residents are leasing.