New construction photos of homes going up in the Northfield area on March 28, 2017 in Denver, Colorado.
Metro Denver’s housing market, like the weather, was unseasonably warm and dry in January, according to a monthly update Monday from the Denver Metro Association of Realtors.
New listings surged nearly 77.5 percent in January from December, but famished buyers were there to snap them up, pushing price gains back into double-digit territory.
“In January, homes under contract were almost the same number as new listings. This means that as fast as listings come on the market, they are placed under contract,” Steve Danyliw, chairman of the DMAR market trends committee and a Denver real estate agent, said in the report.
There were 3,869 homes and condos available for sale at the end of January, a record low for the month, and about 3 percent less than in January 2017. In what looks like more of a timing issue, the number of homes sold dropped to 2,736, a 36.2 percent drop from December and down 15.5 percent from a year ago.
The average price of a single-family home sold in January reached $490,932, a nearly 10 percent gain from a year earlier, while the median sold price came in at $416,000, a 9.5 percent gain.
The average price of a condo sold came in at $354,613, a 22.7 percent gain from a year earlier. The median condo sold price was $285,000, a 17.4 percent gain from a year earlier.
Danyliw said mild weather last month allowed the market to remain more active than usual for a January. But he added that record low inventories won’t change until new listings start to significantly outplace the number of homes under contract.