October 7, 2016
Average price of all residential sales in January was just over $440K. The average single family home was going for $484k, while multi-family places went for $344k on average.
The 12-month moving average appreciation rate, which is the best measure of real trends in prices, was 8.1%
There were 2,756 homes that changed hands in January, down 8.7% from the number sold in January 2016.
We ended the month with 3,373 homes on the market, which is down 13.2% from the 3,884 available at the end of January in 2016. Most of the difference was due to fewer single family homes being available for purchase.
All those numbers for metro Denver as a whole, but trends vary by area price range, type of property, etc. I can send you a report that shows you what's happening for your type of property (single family or multi-family) in your zip code. If you're interested, shoot me an email at email@example.com
According to Bloomberg.com and new data from Zillow.com rent growth in the last 12-months has slowed but Denver is still one of othe hottest markets in the US, with growth at 3.4%. Zillow is projecting Denver rents to increase at almost double that in 2017 at 6%. Bergan and Company is projecting a soft landing coming into 2017 with rents stabilizing and returning to average growth in the 3-5% range. For more information on capitalizing on a strong Denver real estate market please contact us!