Single-Family Market Takeaways:
- Supply continues to dwindle, as demand for Denver Metro properties remains strong.
- Slight increase in days on market made for slight price reductions in the single-home segment.
- Year-over-Year price increases are somewhat stabilizing, as we are not seeing the double-digit percentage increases we’ve seen in years prior.
- Q1-2017 PREDICTION: Anticipate an influx of homes hitting the market as brokers convey strong demand to homeowners, although prices may hold a little more steady as interest rates continue their upward ascent.
- We saw more multi-family home sales last month over this same period last year, perhaps thanks to ongoing record-breaking price increases in this category (about 4% over last month, and 10% over December 2015).
- Demand remains strong, although the increase in days on market in this category could indicate hesitancy for buyers making a commitment in the multi-family properties, possibly due to increasing HOA fees, possibly relateQd to funding issues as well (Communities falling out of FHA-Approval, litigation, etc.).
- Q1-2017 PREDICTION: Price increases in this category, combined with HOA increases and higher interest rates is in effect narrowing the affordability gap between multi-family and single-family. We expect to see days on market continue to trail single-family purchases, as homeowners usually prefer single-family if they can afford it.
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