From the Colorado Association of Realtors Market Trends, Realtor News, Realtors in The News
ENGLEWOOD, Colo. – Jan. 11, 2018 – From the Denver metro area’s urban core and suburbs, to smaller communities across the state, Colorado’s housing market experienced back-to-back years of 10 percent bumps in the median sales price of a single-family home as record low inventory dictated markets, according to the latest statewide housing reports from the Colorado Association of REALTORS® (CAR).
Mirroring conditions from December 2016 – but with a continually growing population and a limited number of new construction and new listings in the winter months – the 2017 statewide market closed out with median sales prices for single-family homes equal to or near their summer highs, while condo-townhome median sales prices reached their highest point of the year in December.
Some key findings from the December 2017 Report and a look back at the year:
- The December median sales price of a single-family home in Denver reached $400,000, up 8.4 percent from a year ago, while the median sales price for a Denver-metro area condo/townhome reached $284,000 during the last month of the year, surpassing its previous June 2017 high of $277,000.
- The average sales price of a single-family home in the Denver metro region reached $465,818 in December, up just shy of 11 percent from a year ago. Statewide, the average sales price was $433,368 in December, up 8.3 percent year-over-year.
- Condo/townhome average sales price in Denver metro closed the year at $338,992, an increase of 10.6 percent from December 2016 levels. Statewide, the average sales price was $373,788, an increase of 10.5 percent from a year prior.
- In the Denver metro area, active listings were down 30 percent from December 2016 to 2017 and the months supply of inventory for single-family homes dipped 37 percent to 1.2 months in the metro area year-over-year while condo-townhome inventory slipped below a one-month supply for the first time in the 8-year history of the CAR market trends reporting.
- Statewide, active listings were down 27 percent with month’s supply of inventory at 1.7 months, down 26 percent from a year prior.
With limited new housing starts and traditional winter slowdowns in new and active listings, the record low inventory figures are likely to continue until spring 2018 as the hot seller’s market continues among consistent demand from a growing statewide population.