Real Estate News: Buying or selling? We Have Good News!
Our housing market is on a good path for sellers, buyers and, surprisingly, the luxury housing market.
You’ve heard from time and time again that our inventory is low and prices are high.According to RE Colorado, the average price of all homes sold last month was $387,547, up 9.3 percent from $354,611 in March 2015 and 4.2 percent from $371,906 in February of this year.
However, for those who are looking to buy, you might be pleased to hear that our inventory is not as low on a month-by-month basis. The number of active listings is up 10 percent from February and 6.2 percent from March 2015.
Prices are most likely going to remain high but buyers remain headstrong because mortgage rates continue to remain near historic low levels and those who wait might miss the opportunity to lock in such great rates. This proves that Denver’s economy is one of the healthiest in the nation.
Let’s switch gears to the luxury market. Houses in the luxury market ($500,000+) have low activity days on market surpass 100 days. This is considered normal. However, there’s been a shift in the activity, which might be a tell-tale sign for where Colorado’s market is headed.
In our first quarter in 2016, there have been 182 single-family homes priced at $1 million or more, a 23 percent increase from the 148 luxury homes sold in the first quarter of 2014.
In the luxury condo market, there were 16 luxury condo sold in the first quarter a 128.6 percent jump from the first quarter of 2015.
Last month, the average days on the market for single-family homes were 101 days, which is down 19.2 percent from the 125 days in March 2015. Luxury condos have been spending an average of only 39 days on the market, an 82.2 percent drop from 219 days on the market in March 2015.
Overall, the average price of a luxury single-family home sold in the first quarter was $1.55 million, up 5 percent from $1.48 million in the first quarter of 2015. The average sales price for a condo in the first quarter was $1.95 million, a 58.5 percent jump from $1.23 million in the first quarter of 2015.
Whichever market you are looking or selling, give me a call and I would be happy to share some detailed information on our real estate market.