Not Even December’s Frost Could Keep Front Range Home Sales Down…
According to the most current data from REcolorado.com, the chilly temps and busy holidays couldn’t slow home sales in the Front Range. The demand for homes remained strong throughout December with 4,435 homes sold, making 2016 the strongest year of home sales to date.
“The Denver Front Range housing market had a stronger than normal off-season in November and December thanks to continuing demand from buyers looking to purchase a home ahead of potential interest rate increases,” said Kirby Slunaker, president and CEO of REcolorado. “Looking to 2017, the Denver area market is showing signs of prices starting to moderate and inventory levels improving.”
Low inventory and strong demand is still a ongoing issue for the greater Denver area, according to the December statistics from REcolorado.com. And although the average sale price of a home sold in the Denver area ($393,565) saw month-over-month decreases (down 2%) in December, the average sale price was still 7% higher year-over-year.
After frequently seeing double digit year-over-year increases throughout 2016, the average sale price of a detached single family home was at $425,759 in December, up just five percent compared to last year. The average sale price for a condo/townhome was $308,147 in December, a year-over-year increase of 12 percent.