- 2015 was a banner year, REcolorado report.
- In 2015, sales and home prices set records.
- This year may be a mirror image of 2016 in many respects.
The Denver area housing market experienced its best year in 2015 since the Great Recession ended in 2009, according to a year-end analysis released on Thursday by REcolorado.
Indeed, by some metrics 2015 was a record year.
Some metro areas showed exceptional growth last year, according to REcolorado, Colorado’s largest MLS.
“We saw another very active year for the Denver area housing market, particularly in cities and neighborhoods with moderately priced homes,” said Kirby Slunaker, president and CEO of REcolorado.
The sales pace should continue this year, he said.
“The 2016 housing market is looking strong, with the possibility of the selling season starting early, given the predicted rise in interest rates,” Slunaker said.
REcolorado had this to say about different aspects of the 2015 housing market:
For the fourth consecutive year, Denver area single family home sales rose. In 2015, 59,179 homes sold, 4 percent more than 2014 and a 47 percent increase from just four years ago.
Sales reached record levels throughout the metro area. Several cities saw “impressive growth” of more than five percent as compared to 2014.
The median sale price of a single family home experienced another year of gains in 2015, with homes in several Denver metro cities seeing year-over-year, double-digit increases. The overall median sales price rose 12.9 percent, year over year. At $310,000, the median sales price was up 47.8 percent as compared to 2011.
The price range that saw the most sold listings was $301,000 to $500,000, with 22,112 sold listings.
The $500,001 to $1 million price range saw the strongest year-over-year increase, at 34.3 percent.
Motivated by strong demand, sellers brought 70,614 new listings to the market in 2015, seven percent more than in 2014.
New listings did little to meet the demand from eager buyers, however.
The year ended with inventory levels up three percent year over year, as the inventory bounced off historic lows.
However, the number of available homes on the market was just half of what was seen in 2011.
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