Average Home Prices Rise Over $100k

Here are the 7 county real estate stats and numbers from SMDRA and REColorado. 

  • 2,998 properties sold last month, down 3% from last year.
  • 1,028 attached properties sold last month, up 4.4% from January 2020.
  • 1,970 detached homes sold last month, down 6.5% from January 2020.
  • 4,114 owners listed their homes for the first-time last month, down 9% from last January and down 8% from January 2019.
  • There were 1,411 attached properties listed last month, down 6.5% from January 2020.
  • There were 2,703 detached properties listed last month, down 10.2% from last year.
  • Buyers placed 4,340 properties under contract last month, up 4.3% from last January and up 16.3% from January 2019. 
  • The average sold price last month for all properties was $546,980, up a whopping 18.1% from January 2020.
  • The average sold price for attached homes was $394,650, up 12.9% over the last 12 months.
  • The average sold price for detached homes was $626,470, up an AMAZING 21.4% from a year ago. This was a $110,000 price increase!!!
  • The median sold price last month for all properties was $455k, up 9.6% from January 2020.
  • The medial sold price for attached properties was $331k, up 10.1% from a year ago.
  • The median sold price for detached homes was $507,250, up 12.5% from a year ago. This was a $56k price increase! 
  • The average closed to original list price ratio was 99.9%; but was 100.4% for detached homes
  • We ended January with only 2,001 properties for sale the fewest EVER, even lower than the end of December!!!
  • Inventory levels are down a whopping 50.6%.
  • This means we have a meager 0.67 months of supply.
  • Average Days in Market was down 18 days to 26 days.
  • Median Days in Market was down 19 days to 6 days. 

My Thoughts and Comments-

  • It was not good to see new listings down 9% from last year.
  • Pendings once again outnumbered new listings. This is the 3rd consecutive month this has happened.
  • Thankfully, for the first time since September we had more new listings than solds.
  • I was not surprised to see the number of solds dropping year over year. Why? There is nothing to buy! I expect this will continue in February and March at least. But, there is a GREAT DEMAND for real estate; we just need more supply.
  • Median Days in Market was just 4 or 5 days in every suburb we track.
  • But in the City of Denver Median Days in Market is a whopping 10 days. This is a sign of people still leaving the City of Denver for the suburbs.
  • When average prices increase faster than median prices this is a sign that larger and more expensive homes are seeing the greatest demand and the greatest price increases, which then pulls all home sold prices up higher. This is why I prefer tracking median prices.
  • I expect the average closed to original list price ratio will be over 100 in February.
  • As new listings of detached homes drop two things are happening. First, the number of solds is dropping. Second, average prices are rising by a staggering 21%! I thought this would happen as I mentioned in SMDRA’s video last Friday. And this will probably continue for the next 2 months at least and maybe for several months as home prices in the second quarter last year were unchanged from 2019.
  • 4.7% of our new listings in January were priced from $1 million to $2 million.
  • Our average closed price on detached homes has exceeded $600k for 4 months in a row.

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