PRESS RELEASE : July 2016 : Denver Metro Association of REALTORS - Denver Real Estate & Housing Market Report

How's the Denver Real Estate Market?
Month-end Inventory, Average & Median Sales Prices, Days on Market (DOM), Price Appreciation, Sales Volume & More!
Should you consider buying or selling?
by Anthony Rael on Google+

Anthony Rael serves as Chairman of the Denver Real Estate Market Trends Committee on behalf of the Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 6,000 real estate professionals and The Voice of Real Estate® in the Denver metro area. DMAR's goal is to provide timely, consistent and relevant market statistics reports for our 6,000 REALTOR members as well as helping educate the general public on current market conditions. In addition to providing MLS trends and raw statistics for the 11-county area, our real estate reports include expert insight and analysis into the greater Denver real estate market - making it the most comprehensive report available - both locally and nationally. If you want to talk about what's happening in the Denver Real Estate Market, contact Anthony Rael at 303-520-3179 anytime.

Denver Metro Real Estate Market Statistics & Trends Reports

For Immediate Release

Denver-area Housing Inventory Increases on the Heels of Brexit
Denver's red-hot real estate market exploded with a flurry of new listings and active inventory

DENVER – July 6, 2016 – Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 6,000 real estate professionals and 'The Voice of Real Estate in the Denver metro area' - released its June Denver Metro Real Estate Market Trends Report today. In June, for the entire residential market (single family and condos), there was a 24.40 percent increase in active listings and 12.17 percent increase in new listings compared to the month prior. Year over year, active listings increased 9.67 percent and new listings increased 6.79 percent.

“Just like the sound of a powerful M-80 firecracker bursting over the skies Fourth of July weekend, Denver's real estate market exploded with a flurry of new listings and ended the month with a dazzling display of active inventory,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent.

Rael assesses that the increase in Denver-area housing inventory may be attributed to mortgage rates plunging to the lowest level in three years as the Federal Reserve reacts to Brexit. Since 2005, Denver has seen an average increase in listings of 4.2 percent from May to June. This year, however, listings on the market increased 24.40 percent.

He adds, “On the heels of Brexit, which caused mortgage interest rates to plummet even lower the past two weeks, we welcomed a pint-sized boom in single-family listings as fellow real estate agents pounded the streets seeking properties for hungry homebuyers who are nipping to get under contract, locked, and closed as soon as possible.”

By the numbers month over month, for the entire residential market, 7,615 new listings came on the market (up 12.17 percent), 5,587 homes were placed under contract (down 4.61 percent), and 5,324 homes sold and closed (up 2.94 percent). June closed out with 6,796 active listings, representing a 24.40 percent increase. Average and median sold home prices edged up again from the previous month with appreciation gains of 2.77 percent to $421,266 and 1.39 percent to $365,000 respectively. Days on market closed the month at 26, compared to 31 the month prior.

For the single-family home market, new listings jumped to 5,708 (up 13.28 percent) over the previous month. Average and median sold prices bumped up month over month with increases of 2.92 percent to $466,288 and 0.25 percent to $396,000 respectively. Year over year, single-family home prices were up an average of 10.74 percent. The condo market showed the supply of new listings increased by 8.97 percent to 1,907 units over the previous month. The average sold price actually decreased 2.27 percent to $291,554, while median sold prices remained mostly unchanged with a gain of only 0.41 percent to $246,000. Year over year, condo prices were up 12.38 percent for average sold prices, and 13.89 percent for median sold prices. Across the board, total sales volume was $10.17 billion year to date (up 7.21 percent compared to 2015).

DMAR’s monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In June 154 homes sold and closed for $1 million or greater – up 18.46 percent from the previous month and up 13.24 percent year over year. The closed dollar volume in June in the luxury segment was $ 230,138,832 up 17.11 percent from the previous month, and up 20.88 percent year over year.

The highest priced single family home sold in June was $5,275,000 representing six bedrooms, nine bathrooms and 7,736 above ground square feet in Cherry Hills Village. The highest priced condo sold was $3,010,000 representing three bedrooms, three bathrooms and 2,445 above ground square feet in Denver. Both the listing and selling agents for the two transactions are DMAR members.

“The number of Luxury Market homes sold in June climbed with our summer temperatures,” stated Brigette Modglin, DMAR Market Trends Committee Member and Metro Denver real estate agent.

From May to June, there was more than a 20 percent increase in the number of single-family homes sold over $1,000,000. Year to date, there was a 19.22 percent increase compared to last year and a 52.49 percent increase compared to 2014. Price per square foot continues to increase as well, with the average total price per square foot (all floors including basements) at $264 year to date for single-family homes, which is six percent higher than in June of 2014. The average price per square foot for condos was $545, which is 11 percent more than two years ago.

“Some of the metro area’s luxury hot spots are seeing an increase in homes priced at more than $1,000 a square foot for above ground square footage,” added Modglin. “In the past few years, there was one or two properties a year selling above $1,000 per square foot, but so far this year four units at 250 Columbine in Cherry Creek North have closed at over $1,000 per square foot.”

The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado® (July 1, 2016) and interpreted by DMAR. To view the Denver Metro Market Update, please click here.

For more information, please visit dmarealtors.com. Follow the latest updates from the Denver Metro Association of REALTORS® on Twitter (@DMARealtors using #dmarstats), Facebook and Google+.

About Denver Metro Association of REALTORS®
The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado® (June 2, 2016) and interpreted by DMAR.

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Media Contact:
Andrea Kalmanovitz
Decibel Blue Creative Marketing & PR
On Behalf of the Denver Metro Association of REALTORS®
O: 303-242-5855
C: 602-980-2040
andrea@decibelblue.com

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Anthony Rael serves as Chairman of the Denver Real Estate Market Trends Committee on behalf of the Denver Metro Association of Realtors (DMAR). DMAR's goal is to provide timely, consistent and relevant market statistics reports for our 6,000 REALTOR members as well as helping educate the general public on current market conditions. In addition to providing MLS trends and raw statistics for the 11-county area, our real estate reports include expert insight and analysis into the greater Denver real estate market - making it the most comprehensive report available - both locally and nationally. Anthony Rael also serves as a media spokesman for the Denver Region on behalf of the Colorado Association of Realtors (CAR). CAR publishes Denver Metro Region Housing Statistics & Market Trends as well as Colorado Statewide Housing Statistics & Trends. If you ever want to talk about the Denver Real Estate Market, you are welcome to contact Anthony Rael at 303-520-3179 anytime. Have a blessed day!

Read: July 2016 Denver Real Estate Market Statistics & Trends Report

Read: July 2016 Denver Real Estate Market Statistics & Trends Report

Denver Metro Association of REALTORS®
The Voice of Real Estate® in the Denver metro area

NOTES:
MLS stats are tracked in arears, so the published report is for the previous month-end activity
The DMAR 'Premier Market' is defined as $500,000 to $749,999
The DMAR 'Signature Market' is defined as $750,000 to $999,999
The DMAR 'Luxury Market' is defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park
Research: Denver Metro Association of REALTORS® Market Trends Committee
Source of MLS Data: REColorado.com

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Anthony Rael of RE/MAX Alliance speaking on behalf of the Denver Metro Association of REALTORS

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What are New Listings?
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What is Pending/Under Contract?
What are Days on Market?
What is the Affordable Housing Index?
What are Months Supply of Listings?

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