Monthly Indicators – September 2016
Percent changes calculated using year-over-year comparisons.
New Listings were up 20.8 percent for single family homes but decreased 26.1 percent for townhouse-condo properties. Pending Sales remained flat for single family homes but increased 37.1 percent for townhouse-condo properties.
The Median Sales Price was up 13.8 percent to $657,000 for single family homes and 1.1 percent to $331,750 for townhouse-condo properties. Days on Market decreased 18.6 percent for single family homes and 5.6 percent for condo properties.
In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low
interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
Residential real estate activity in zip codes 80487, 81639 and 80467, comprised of single-family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.