Nerdwallet and Realtor.com Chief Economist Jonathan Smoke say January and Februaryare the best months to purchase a home. According to two years of realtor.com data that includes the 50 most populous metro areas, home prices in January and February are, on average, 8.45 percent lower than prices in July and August. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase this year. Couple that with rising prices and waiting is expensive.
Market Analysis % Change Year over Year 2015 vs 2016: Monetary volume ($122,880,919) in December 2016 was 13% lower compared to December 2015. Transactions were down by 26%. This is more than likely due to record low inventory available in December 2016.
Comparative Historical Analysis -2016: There were 2087 residential transactions and $1,210,067,633 volume -2015: There were 2100 transactions and $1,148,024,568 gross volume. -2014: There were 1731 transactions with $858,667,681 gross volume *This is a 40%+ jump in just two years. The recovery has been good to us.
Luxury Market continues to improve; – 225 properties sold for $1M and over-compared to 2015 when 198 properties sold at $1M and over. In 2014 126 properties sold at $1M and over. That’s nearly double in two years!
Time on Market; Demand is still steady as days on market fell from a median of 81 for February sales to just 24 for May sales, 18 days in June, 17 for Oct. and still strong at 25 DOM for December.
Buyer Demographics for 2016; *Front Range buyers=38% *Locals including those relocating here full time=30% *Out of state buyers=32%