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Tight supply and strong demand in Denver-area homes made for a new record low in housing inventory for the month of November.
Yet Denver is still on pace to break total record number of homes sold in 2017.
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In November compared to the month prior, the number of active listings, new listings, average and median sales prices, and number of homes under contract or sold were all down.
Yet, year to date, today's market is ahead of last year overall and, furthermore, 2017 is on pace to break last year's record for the number of homes sold in Metro Denver. The number of homes sold decreased by 13.51 percent compared to the previous month, however it is up 3.28 percent year to date compared to last year. The biggest issue the housing market is facing, according to Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver REALTOR®, is the strong housing demand and tight inventory.
"This time of year brings the holiday rush and colder weather - it also brings colder housing numbers," said Danyliw. "The amount of housing activity closely follows the weather. It's simple: more people buy homes when it's warm compared to when it's cold. The biggest story line continues to be low inventory and, like last month, November set a record-low in inventory."
This past November closed with 5,131 active listings, compared to 5,420 in November of 2014, which was the previously recorded low for that month. For context, the average active listings for November are 15,232 (1985-2016), and the record-high November was 2006 with 27,530 listings.
"To ease inventory, we need homebuilders to deliver us a present by building more homes, and we need a slower pace of people migrating to our state," he adds. "History tells us that inventory will continue to decrease until sometime around February. We may be looking at more record lows. The lowest recorded inventory number was 3,878 in February 2017. If current trends continue, we may see inventory below 3,800."
Furthermore, according to Danyliw, tight supply and strong demand should continue to move home prices higher, but at a slower rate from the last three years. Affordability will become the biggest driver for the foreseeable future.
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Some of Our Current Red Door Group Listings!
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| $399,000 |
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2661 Fernwood Place Broomfield, CO 80020
Great location! Newer furnace, hot water heater, roof and exterior paint. Home backs to walking path has an outdoor water feature with large deck for relaxing or entertaining and has a front covered porch. Large living room with vaulted ceilings and large open family room with double doors to the back yard oasis. Spacious bright kitchen with bay window. Master bath has a double vanity and large master closet. Basement is partially finished with built ins. 2 car garage. Easy access to I-25 to Denver or North to Fort Collins. Adams 12 Five Star School with Legacy High School.
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$1,695,000 |
8040 Galileo Way
Littleton, CO 80125
Truly exquisite Tuscan villa style home in the beautiful gated community of Ravenna. You can feel the elegance as soon as you step through the iron front gate into the inviting courtyard. This spacious ranch is the Milan model and offers views from almost every window! Upgrades throughout the entire home include: whole house crown molding, fireplace surround, professional grade kitchen appliances, custom master closet, water purification system, and magnificent light fixtures. This luxurious home also features a heated driveway, over-sized garage with finished walls, heated walkway, Vantage home automation and security system, heated bathroom tile floors, built-in media center, and custom window treatments. Come relax in your spa-like master suite or put your feet up as you take in the sweeping views from your covered back deck. No need to wait to build your dream house, it is here in Ravenna, waiting for you to come home.
Read more....
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| $490,000 |
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13687 Dexter St.
Thornton, CO 80602
The spacious ranch style home you have been waiting for is ready! The front porch and foyer welcome you and your guests to the open living area with plenty of natural light. You will enjoy entertaining and cooking in the updated kitchen with a large center island and lots of cabinets. The kitchen and eat-in dining area open to the spacious great room, so you will always be among your guests. The large master suite boasts a retreat area, direct access to your patio, an oversized walk- in closet and 5-piece bathroom, soaking tub and separate shower. The main floor also features an open stairwell to the basement, formal dining area and office/4th bedroom. The large basement provides a full bathroom and extra bedroom (needs flooring). Off of the kitchen you will find easy access to your oversized covered patio which overlooks your garden to unwind, enjoy the sunset or entertain guests. Homestead Hills is a beautiful community with mountain views, parks/playgrounds, walking trails and more!
Read more...
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$569,500 |
Priced to Sell! No HOA, No Metro District tax! This Ranch home is in Northridge, a highly desirous neighborhood in Erie, minutes away from the old downtown with some great eats and local breweries. Also a bike ride away from schools and other local attractions. The home is spacious and the great room/kitchen comfortable and perfect for R&R and entertaining. Off this room is an impressive covered balcony that opens up to a backyard designed for fun! The Master has a beautiful 5 piece master bath and you'll appreciate that all the 90's gold fixtures have satin nickel replacements. Then the basement is ready for anything! The large room could be a rec room, a man-cave, a family room... There are two large bedrooms and a bath to complete this impressive basement. Water heater and roof have been replaced, newer frig and microwave and the floors refurnished and cleaned. This 3 car garage and quarter acre lot is ready for you to move into! Read more...
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| $519,900 |
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3309 W. Elizabeth St.
Fort Collins, CO 80521
Gorgeous Richmond American Alison floor plan with finished basement! Over 3,400 finished square feet including 5 bedrooms, sunny loft, extended family room, finished basement, study, upper laundry, and 4 baths. Open concept with main floor great room open to the the kitchen and dining area. Pretty interior design features including granite counters, upgraded flooring, roomy pantry, and included SS appliances. Great fenced yard with a patio perfect for entertaining!
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$739,000 |
15700 Columbus Mountain Drive
Broomfield, CO 80023
MOVE IN READY! Move in ready home with expanded master suite, expanded rear deck and executive finishes....... Luxurious Grand Master Suite with fantastic 5 piece bath and huge walk-in closet. Open floor plan and partially covered extended deck in rear. West facing over-sized home site. Anthem Ranch is a 55+ Active adult community with outstanding community amenities.
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| $765,000 |
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Why wait to build? This beautiful home is ready to go, many, many upgrades, landscaping and window coverings all complete for you. Kitchen has large island for baking holiday cookies and serving your dinner party. Beautiful cabinets, back splash to the ceiling and stainless steel appliances. Great room with stonework on cozy fireplace and extended hardwoods on main level. Upstairs laundry room with large utility sink. Tasteful landscape with large 2 level deck for outdoor entertaining. Upstairs has spacious loft for TV Room, Study or craft room. Master Bedroom is spacious and has an elegant Master Bathroom and vanity. Large walk in closet and large beautifully tiled shower. Basement is unfinished with lots or room for storage or finish to your liking. Additional bedroom on the main level for study or craft room or bedroom. Easy and quick access to Red Rocks, Downtown Denver, Bear Lake Park and just 3 miles to the Light Rail.
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