Last year was a record-setting year for Denver residential real estate.
According to data from the Denver Metro Association of Realtors, after 12 months of record prices, low inventory, and a fast sales pace, the residential real estate market in Denver ended 2015 with more than $20 billion in total sales. This number is a 14 percent increase from 2014.
More than 55,500 properties (including detached single-family houses and attached condominiums and townhomes) sold in 2015, an increase from the 54,068 homes that sold in 2014.
The year ended with a 10 percent increase in the average sales price from the year before, with average prices reaching $374,900 for single-family homes and attached homes combined.
December is typically a slow selling month, but 4,170 homes were sold last month, which is a 1.7 percent increase from the year before.
Active listings in metro Denver increased by about two-thirds of a percentage point to 4,384 in December compared to the year before. However, when compared to November, active listings in the market dropped 22 percent.
Homes stayed on the market for an average of 40 days in December, a 13 percent decrease from December 2014.
Single-family houses sold for an average of $414,472 in December, an increase of 9 percent from the year before, and condos sold for an average of $278,656, an increase of 17 percent from the year before.
CoreLogic’s most recent Home Price Index showed that the average home price in metro Denver appreciated by 11.4 percent year-over-year in November, while Colorado’s average prices increased by 10.4 percent.
Comparatively, nationwide home prices climbed 6.3 percent over the year.