Something got buyers cranked up and motivated in November. We had 4,233 properties change hands in the seven-county metro Denver area and this is a whopping 24.76% more than the 3,393 properties that closed in November of 2015!
Despite this, the number of homes on the market at the end of the month was exactly in line with last year. We had just over 5,000 homes available. In other words, the larger number of sales did not deplete the inventory of homes available for purchase. There were enough additional sellers hitting the market this year to meet buyer demand and this kept the inventory at a comparable level to last year.
How about prices? The news there is unchanged. For the most part, we have homes appreciating at double digit rates. The one exception is the multi-family properties that only showed a 5% increase in value over a year ago. This, however, is not typical of what we’ve seen in other months this year.
Here is a summary of several market parameters for November 2016 compared to November of 2015.:
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.