A Slow End to 2016
The December 2016 Real Estate Statistics showed a continued decline as the market put on the brakes for the third straight month. The number of new listings dropped again, this time by 33% from November. Active buyers in December had few homes to choose from, although the price per square feet rose for the first time in a few months. As spring begins to unfold it will be interesting to see how these slight trends will change.
Average 30-year fixed mortgage rates jumped above 4% in December. This rise is likely to be an ongoing trend for the foreseeable future. There continues to be less homes for buyers to choose from and homes are remaining on the market for an average of 31 days. This gives buyers a little more time to consider making an offer on available homes. These December 2016 real estate statistics also show typical seasonal slowing in the real estate market here in Denver.