Home sales sizzle in November

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Home sales sizzle in November.

REcolorado releases November report.

Last month 2nd best November for home sales.

Home sales

A historical graph showing home sales in November. Source: REcolorado.

Last month marked the second best November ever for Denver-area home sales, according to a REcolorado report released on Wednesday.

In November, buyers snapped up 4,400 single family homes, condos and townhomes.

The only November that topped that was in 2004, when 4,545 homes sold.

And in 2004, many of the sales were foreclosed homes. A dozen years ago, more than 11,000 foreclosed homes, or an average of 1,000 a month, were being added to the Denver-area market. Today, there are fewer than 1,000 foreclosed homes on the market.

Buyers were snapping up distressed properties in 2004, while today, homes are showing double-digit appreciation at a time when the inflation rate is less than 2 percent.

And while sales were 3.1 percent lower than in the peak November, sales last month were 118.9 percent higher than in November 2010, when only 2,010 homes traded hands, the REcolorado data shows.

Last month was the third consecutive November that sales topped 4,000, according to REcolorado. The only other time that there were more than 4,000 sales in a November was in the record 2004.

REcolorado, formerly known as Metrolist, has been tracking the Denver-area housing market for the past 26 years.

Home sales last month were 9.8 percent higher than the 4,007 home sales reported in November 2015.

Strong sales kept weeks of inventory steady at a mere  seven weeks, an incredibly strong seller’s market. A four to six-months supply is considered one in balance between the buyers and the sellers.

“Due to continued demand for single family homes, brought on by population growth, a strengthening job market, and interest rates that are holding steady, the Denver Front Range housing market saw another solid month of gains,” said Kirby Slunaker, president and CEO of REcolorado.

“Having a November with strong sales numbers like these is a good indicator that 2017 will continue to be very active,” Slunaker added.

Home sales

A snapshot of home sales activity. Source: REcolorado.

Continued strong demand kept inventory levels low in November.

The month ended with 6,767 active listings of homes for sale in the Denver area, down 2.5 percent from 6,942 in November 2015.

Listings fell 15.5 percent from 8,008 in October, a typical drop during the holiday season.

Still, 4,055 new listings came on the market last month, a 10.5 percent increase from 3,671 a year earlier.

The average price of all homes sold last month topped $400,000 for the first time in a November.

The average price of all homes last month was $400,349, 10.3 percent higher than $363,041 in November of last year.

Home sales

A snapshot of new home listings in the Denver area.
Source: REcolorado

The median sold price of all homes last month was $347,95, 12.2 percent higher than $310,000 in November 2015.

The average price of a single-family home last month at $437,231, was 9.9 percent higher than $397,809 in November 2015.

The median sold price showed a similar trend rising 9.5 percent to $370,00 from $337,900.

The average sold price of a condo was $297,398, up 7.9 percent from $275,527 a year earlier.

The median price of a condo jumped 12.7 percent to $249,062 from $221,000.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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