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Average Home Price &
Metro Denver Market Report
End of year sales statistics have just been released. They show the average sales price for homes in December was $393,565. That's a decrease from the prior month, but 7% higher than the previous year.
Seasonal low inventory levels coupled with strong year-end demand over surging mortgage rates, pushed our available inventory down to only five weeks. Although that's extremely low, its consistent with what we typically see in December.
After years of double-digit price increases, the average sale price of a detached single family home rose 5% in 2016, to $425,759. The average sale price for a condo/townhome rose 12%, to $308,147. Overall, 2016 ended on another high note for the Denver Metro housing market.
Heading into February, the market appears to be showing signs of prices starting to moderate in certain areas, and inventory levels are beginning to pick up.
Till next month.
If you know of someone who needs to sell a home due to an estate, divorce, relocation, or other circumstance, please let me know. Call or email. I look forward to helping those you know, because they trust you and appreciate your referral.
Michael Dagner is a real estate professional in Denver, Colorado.
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir