Denver Single Family House Market Report January

Denver-Single-Family-House-Market-Report-January

The Denver Single Family House Market is, without question, STRONG!

AND metrics indicate this is going to continue in the foreseeable future.

KEY POINTS For January:

  • Average SOLD price tops $600,000
  • Inventory low
  • Mortgage Rates Low
  • Population continues to grow

AND with the new administration expected to keep writing checks, the money should keep flowing!

Denver Single Family Active Listings

At the end of January, the number of active listings for Single Family in Denver was 1,316. This is a decrease of over 25% when compared to December 2020. This is also considered, as has been the case for a long time now, very low.

“Ideally for the potential buyer, this number would be 2 or 3 times this,” says Donald, a real estate pro in Lakewood. “However if you are selling a house then if you price it right you should expect to get multiple offers, and fast”

Denver Single Family Closed Sales in January

The number of single-family houses sold in January was 3,327. This is almost 12% lower than the previous month but represents a slight increase (2.24%) when compared with January a year ago.

Donald: “We are seeing the same story month to month repeating. There are variations but the general comments apply. We aren’t selling huge volume because the listings aren’t there but the price gets affected because of the supply.”

Days on Market for SFH in Denver

The days on market for the month of January was 20. This time last year the days on market were closer to 30. This represents a decrease of 52.38%.

DONALD: “I believe lower mortgage rates entice more people onto the market. Pent up demand and ongoing lack of inventory have resulted in this number being about as low as it can be!”

SFH in Denver Average Price over $600,000

The average price for houses sold in Denver went above $600,000 for January with the exact number being $616,895. Another record for the mile-high city when it comes to the average price. 

DONALD: “I feel like I sound like a broken record but… you guessed it supply and demand. Denver is a great place to live. People continue to move here. Good jobs are also moving to support those people and the higher house prices. 

We all hear about overpriced and bubbles but with current conditions, I do believe prices will go even higher. AND they will continue to do so until they don’t, which will require a significant shift in the equation somewhere. We will need to see either:

  1. Higher interest rates
  2. More homes being built
  3. Less people moving into town
  4. OR all of the above

until we see this changing.”

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