Norris4Homes March 2016 Newsletter
2015 Denver Metro Real Estate Sales Summary
The price range that saw the most sold listings was $301,000 to $500,000, with 22,112 sold listings. The $500,001 to $1 million price range saw the strongest year-over-year increase, at 34.3%.
Inventory: Motivated by strong demand, sellers brought 70,614 new listings to the market in 2015, seven percent more than in 2014.
New listings did little to meet the demand from eager buyers. The year ended with inventory levels up three percent year over year; however, the number of available homes on the market was just half of what was seen in 2011.
Median Price Growth in Denver Metro:
2015- $310,000 (12.9% jump)
Existing-Home Sales and Prices Move Forward in January, Price Growth Accelerates
Existing-home sales moved forward in January to the highest annual rate in six months, and subpar supply levels propelled price growth to the fastest increase since last April, according to the National Association of Realtors®.
“The spring buying season is right around the corner and current supply levels aren’t even close to what’s needed to accommodate the subsequent growth in housing demand,” says Lawrence Yun, NAR chief economist.
January existing-home sales in the Northeast increased 2.7 percent to an annual rate of 760,000, and are now 20.6 percent above a year ago. The median price in the Northeast was $247,500, which is 0.9 percent above January 2015.
In the Midwest, existing-home sales rose 4.0 percent to an annual rate of 1.30 million in January, and are now 18.2 percent above January 2015. The median price in the Midwest was $164,300, up 8.7 percent from a year ago.
Existing-home sales in the South were at an annual rate of 2.24 million in January (unchanged from December) and are 5.7 percent above January 2015. The median price in the South was $184,800, up 8.5 percent from a year ago.
Existing-home sales in the West are at an annual rate of 1.17 million in January, which is still 8.3 percent higher than a year ago. The median price in the West was $309,400, which is 7.4 percent above January 2015.
In Summary, 2016 is set to be another great year for Real Estate. With more young people looking to move out of rentals and into their own homes and LOW interest rates of 3.87%, 30 year fixed (with good credit), if you are looking to Sell or Buy, Please call me today!