PRESS RELEASE : Denver Real Estate Market Statistics - Colorado Housing MLS Statistics & Market Indicators by Denver Metro Association of REALTORS (DMAR), RECOLORADO.com, Colorado Association of REALTORS

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by Anthony Rael on Google+

Denver Metro Real Estate Market Statistics & Trends Reports

For Immediate Release

Denver-area Housing Inventory Breaks Record Low in February
Residential Real Estate Market activity is picking up, but Home Sellers Appear
to be Holding Out for the Upcoming Spring Frenzy

DENVER – March 1, 2016 – Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 6,000 real estate professionals - released its March Denver Metro Real Estate Market Trends Report today. From 1985-2015, February has averaged 14,979 active listings. The Denver-area had a record high of 25,484 in 2006, and closed out February 2016 with a historically low 3,963 active listings – representing a six percent decrease in inventory over the previous month and 2.8 percent decrease year over year.

“Market activity is picking up, but home sellers appear to be holding out for the upcoming spring frenzy,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “This spring is shaping up to replicate last year's market with high buyer demand significantly outweighing supply which will inevitably lead to bidding wars and higher prices.”

Digging into our February MLS housing stats for the entire residential market (attached and detached properties), 4,269 new listings came on the market (up 11 percent compared to the month prior), 4,151 homes were placed under contract (up 15 percent) and 2,753 homes sold and closed (down seven percent). Average and median sold prices edged up from the previous month with gains of 1.5 percent to $377,917 and 3.4 percent to $330,000 respectively. Comparatively, the year-over-year increases were much more substantial with averages of nine percent and 11.66 percent respectively. Notably, Rael comments, “Homes priced below $325,000 are in such high-demand that multiple offers well over list price will continue to be the norm until more listings come online.”

According to Rael, homeowners who bought in 2008-2011 are “cashing out and moving up.” With significant equity to roll over into a new home coupled with incredibly low interest rates, this segment of homeowners is realizing “big-time buying power.”

DMAR’s monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In February 65 homes sold and closed for $1 million or greater – down 4.4 percent from the previous month and up 22.6 percent year over year. The closed dollar volume last month in the luxury segment was approximately $104.2 million, down five percent from the previous month and up 27 percent year over year.

“Denver County has just made the transition into a seller’s market in the sector of homes priced $1 million or greater, with an average 5.2 months of inventory,” said Brooke Livingston, DMAR Market Trends Committee spokesperson and Denver real estate agent. For contrast, homebuyers in Douglas County still have plenty of housing choices with 13.3 months of inventory. Heading north into Broomfield, buyers can be even more discerning with 26 months of inventory. Six months of inventory is considered a balanced market between buyers and sellers, less than that is a seller’s market.

Livingston adds, “As we head into spring, the Denver County luxury market is leading the overall 11-county area. Some home sellers in Denver County are receiving multiple offers, perhaps surprising some buyers who anticipated little competition. I think we’re still seeing an influx of homebuyers with significant cash holdings contributing to the stronger overall luxury market sales, a trend that will likely not slow for a while as Denver continues to boom. However, there is still room to negotiate in most situations for luxury buyers, a stark contrast to lower price points where competition remains fierce.”

The highest priced single family home sold in February was $2,604,938 representing six bedrooms, nine bathrooms and 6,280 above ground square feet in Highlands Ranch. The highest priced condo sold in February was $5,438,873 representing three bedrooms, three bathrooms and 4,627 above ground square feet in Cherry Creek North. Both the listing and selling agents for the condo sale are DMAR members.

The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado® (March 1, 2016) and interpreted by DMAR. To view the Denver Metro Market Update, please click here.

For more information, please visit dmarealtors.com. Follow the latest updates from the Denver Metro Association of REALTORS® on Twitter (@DMARealtors using #dmarstats), Facebook and Google+.

About Denver Metro Association of REALTORS®
Denver Metro Association of REALTORS® is a membership-based organization comprised of over 6,000 real estate professionals in the Denver metropolitan area. The association offers continuing education, advocacy for the real estate community and is a resource for industry news and market statistics. For more information, visit www.dmarealtors.com or call (303) 756-0553.

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Media Contact:
Andrea Kalmanovitz
Decibel Blue Creative Marketing & PR
On Behalf of the Denver Metro Association of REALTORS®
O: 303-242-5855
C: 602-980-2040
andrea@decibelblue.com

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Anthony Rael serves as Chairman of the Denver Real Estate Market Trends Committee on behalf of the Denver Metro Association of Realtors (DMAR). DMAR's goal is to provide timely, consistent and relevant market statistics reports for our 6,000 REALTOR members as well as helping educate the general public on current market conditions. In addition to providing MLS trends and raw statistics for the 11-county area, our real estate reports include expert insight and analysis into the greater Denver real estate market - making it the most comprehensive report available - both locally and nationally. Anthony Rael also serves as a media spokesman for the Denver Region on behalf of the Colorado Association of Realtors (CAR). CAR publishes Denver Metro Region Housing Statistics & Market Trends as well as Colorado Statewide Housing Statistics & Trends. If you ever want to talk about the Denver Real Estate Market, you are welcome to contact Anthony Rael at 303-520-3179 anytime. Have a blessed day!

Denver Metro Association of REALTORS®
The Voice of Real Estate® in the Denver metro area

Read: March 2016 Denver Real Estate Market Statistics & Trends Report

Read: March 2016 Denver Real Estate Market Statistics & Trends Report

NOTES:
MLS stats are tracked in arears, so the published report is for the previous month-end activity
The DMAR 'Premier Market' is defined as $500,000 to $749,999
The DMAR 'Signature Market' is defined as $750,000 to $999,999
The DMAR 'Luxury Market' is defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park
Research: Denver Metro Association of REALTORS® Market Trends Committee
Source of MLS Data: REColorado.com

Colorado Association of REALTORS® - City & County Housing Reports

Denver City, County & Regional Housing Reports - September 2015

NOTES:
MLS stats are tracked in arears, so the published report is for the previous month-end MLS activity
The Denver Region Report includes the 6-County areas of Adams, Arapahoe, Broomfield, Denver, Douglas & Jefferson
The City Reports includes the Arvada, Brighton, Denver, Highlands Ranch, Lakewood, Thornton, Westminster
Powered by 10K Research and Marketing for the Colorado Association of REALTORS® (CAR)
Source of MLS Data: REColorado.com

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Anthony Rael of RE/MAX Alliance speaking on behalf of the Denver Metro Association of REALTORS

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