Home sales typically retreat over the busy holidays, but buyers stayed out in force last month in metro Denver, according to a report from REcolorado.
Single-family sales rose 4 percent in December from November to 3,983 homes. The average sales price rose 3 percent to $339,636, a new record, and the median sales price was up 2 percent to $285,250 from November.
Year-over-year, average home sales prices are up 11 percent in the metro area and median sales prices are up 13 percent, capping another strong year for appreciation.
“During the holidays we typically see slowing in the housing market, but this year, homebuyers kept the market more active than usual,” said REcolorado president and CEO Kirby Slunaker in a statement.
Sellers, however, did take some time off, putting 22 percent fewer listings on the market in December than in November.
In December, 5,352 active listings were on the market across metro Denver and surrounding areas, an 18 percent decrease versus November and a 27 percent drop from December 2013.
The absorption rate — the number of weeks needed to buy the existing inventory on the market at the current pace of sales — is now down to 39 days versus 55 days a year earlier.
Nationally, the absorption rate is running closer to five months.
Mark Trenka, owner of Trenka Real Estate and chairman of REcolorado, said he expects sellers to re-emerge in the weeks ahead.
“I anticipate buyers will see more selection in inventory as the first quarter gets into full swing,” he said.
REcolorado, formerly known as MetroList, is the state’s largest multiple listing service.
Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or
