I received the 7 county MLS report last week and I see that new listings in January increased 7.7% from last January and new listings are up by 6.1% above our last 4 year average, which is a good first step. 3,907 homeowners listed their homes for sale last month. However, in January 2011, we had 7,096 new listings! Here are some highlights—
- Buyers purchased 2,751 homes and condos last month, a drop of 11.4% from last January.
- Buyers placed 3,802 homes and condos under contract in January, an increase of 6.9%.
- In essence nearly every new listing went under contract in January (3,907 new listings vs. 3,802 homes under contract)
- Average prices for attached homes SOARED up 19.7% from last January to $344,770.
- Average prices for detached homes only rose 9.4% from last January to $486,440.
- For all homes types average prices rose 10.8% over the last 12 months to $442,152.
- Medan prices for attached homes SOARED up 17% to $282k from $241k last year.
- Median prices for detached homes rose by 9.2% to $415k from $380k a year ago.
- Median prices for all home types hit $380k up 9.2% from last year.
- Median CDOM (Cumulative Days on Market) dropped by 2 days this January, down to just 12 days. It was 17 days in 2016. This is NOT a good sign for buyers..
- We ended the month with just 3,504 homes and condos for sale,
- This puts months of inventory at 1.27 months.
- Want a GREAT DEAL ON A HOME? Buy a home in the $2-$3 million range where CDOM is 216 days!
- Arapahoe County (32 days) and Jefferson County 937 days) were the fastest selling counties last month as measured by Average CDOM.
The stories I am hearing from YOU are telling me that home buying season started even earlier this year especially for homes under $500k. Thus, I am afraid home prices will continue to SOAR.