A Big Leap
February 16, 2017 | Buying
January homes sales made a big leap from January of 2016. That was a bit surprising since 2016 was a record setting year for residential home sales.
We had 3,019 homes change hands in the seven-county metro Denver market in January and that is an 8.32% increase from the number that sold in January last year.
Here’s even better news: Inventory is up. The 3900 homes on the market at month end are a 9% increase from what was available at the end of January 2016. Multi-family home inventory is up by 34% from last year. Higher inventory is pleasing news to home buyers.
Many analysts, including ourselves, are anticipating that appreciation rates will moderate in 2017. They may move off the double-digit rates we’ve seen over the last few years and settle down into the 6% to 7% range.
This projected shift is showing up in January. Single family homes were up by 7.79% over the prior January and multi-family properties were 6.68% higher.
Here is a summary of several market parameters for January 2017 compared to January of 2016:
The stats above are for sales activity in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties. It includes home sales handled by real estate agents though Metrolist/REColorado®, Inc., the MLS system serving the metro Denver area.
You can see a more extensive breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post. Be sure to take a peek.
If you like the look of those reports, we can produce one for you that is specific to your zip code and property type. The market is not uniform. Your part of town may be doing better or worse than the metro-wide averages.
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