Real Estate News: Investing in Colorado Properties
Our housing market has come to a typical cool down for the season. Active listings went from 7,156 in October to a 20.6% down of 5,683 active listings in November.
Now, it is important to be aware of the market trends on a month-to-month basis but it’s also equally important to pay attention to the year-by-year trends as it can show how the market is doing in the bigger picture. That being said, invetory in November 2015 has in fact gone up 4.85% from the 5,420 active listings on the market in November 2014.
Let’s go over a few more stats. The month-over-month detached single family home market had a steep drop of 39% in new listings but was eight percent more than November 2014. The condo market also showed a decrease of 34% from October to November but was up 25% from November 2014.
Some more great news for sellers is that there were less than a two month supply of unsold homes on the market in November and the closed sales volume year-to-date is $18.5 billion, a 14% increase from 2014!
The luxury market ($1 million or greater) is doing pretty well too. 61 homes closed in November, which was only down 3% compared to November 2014.
The closed dollar volume last month was about $94.32 million, down 33% from October and up 3.7% from November 2014. There is almost 13.7 months of inventory in this price point in Douglas County, which is pretty good for a luxury market.
So perhaps the market is in its typical cooling down but on a year-by-year basis, there is more inventory, home prices are up and supplies are still flying off the shelf.
Colorado is a desirable state to live in and mortgage rates are still low so buyers, don’t wait too long!
If you or you know someone who is looking to sell or buy a home in Colorado, call me if you have any questions about the market!