Denver real estate market continues to thrive
Denver real estate market continues to thrive in January, with an all-time low of active listings (single family and condos) in January at 3,989 which represents a 6.47% drop from last month. However, the number of sold listings in January decreased by 33.21% compared to previous month according to the latest report from DMAR. Average home prices in metro Denver were up 8.3% year-over-year in January, to $402,979, including both single-family homes and condos. Average sold price for single-family home rose 3.86% to $448,374, while the median remained relatively unchanged at $380.000. Year-over-year, housing prices for single-family homes have increased 9.25% and 9.99% in the average and median sale prices respectively. The condo market showed the largest drop in sales, with 34.05% fewer sales than in the previous month, while the average and median sales price dropped to $288,962 and $242,500 respectively. Total sales volume in January for the Denver real estate market was approximately $1.2 billion, a slight increase from the previous year.
The average price of a home in metro Denver luxury homes priced at $1 million or more, increase only marginally from 2015 to 2016, but the number of homes sold in the price range increased by 18%. The average price of a luxury home rose from $1.51 million in 2015 to $1.52 million in 2016, in increase of 0.9%. The number of luxury homes sold year-over-year, was 1,089 in 2015 to 1,290 in 2016.
From 2012 to 2016, the median price of a home in metro Denver rose by 49%, from $234,000 to $349,000. Last year Colorado added 91,726 people – 30,000 from births, but the majority was 61,426 people moving into the state. This represents a 1.68% increase and yes you guessed it, the largest group moving in are the millennials ages 22 to 35. According to the latest report from JLL (Jones Lang LaSalle, Denver should add 130,000 net new jobs by 2020 – a clip that measures higher than all but 10 other large metro areas throughout the entire nation.