“I’m starting to see an increased trend with more single-family attached/condo properties entering the market. Property managers have reported that some rental property owners are starting to sell their rentals, taking advantage of record high prices. We had 17.06 percent more new condo listings hit the market this December compared to December 2015, which represents a five-year high for new condo listings. Looking a little deeper, over the last two years the City and County of Denver had roughly 30 percent more single-family detached properties for sale than single-family attached. We had a reversal this December with 33.1 percent more single-family attached condo properties for sale than single-family detached homes.”
– Steve Danyliw, Chairman of DMAR
At Madison & Company Properties, we place a high value on relationships and community. We work hard, but know the value of pausing to spend time with family and friends. And that’s what our quarterly celebrations are all about!
Check out the video of our Q2 party. The day was filled with laughter and fun, dunk tanks, awards, and even a surprise birthday cake! Thanks to Land Title Guarantee Company and CitiWide Home Loans for their sponsorship and faithful commitment to helping our company be great.
The Madison Q2 report is here! Madison president, Justin Knoll, shares an update on the market. You can view the full report here.
Welcome to the second half of 2016, a year sure to be remembered for its fast pace, dramatically increasing pricing and multiple offers on nearly all transactions. Statistically, 2016 has been remarkable as homes on the market hit a new record low for the month of May at 5,463 active listings. The average number of active listings in the month of May is 16,981, while the record high was 30,457 in 2006 and the record low was 5,657 in 2015.
Just one month later, things shifted dramatically as there were 7,615 new listings to hit the market, a 12.17% increase compared to the month prior, creating a 9.67% increase year over year. 5,587 homes were placed under contract (-4.61%), 5,324 homes sold and closed (+2.94 %) and 6,796 active listings remained on the market for buyers to consider. While this is typically a time when inventory grows until its peak in August and September, this was a rather large jump for the market in one month.
Average and median sold home prices edged up again from the previous month with appreciation gains of 2.77% to $421,266 and 1.39% to $365,000 respectively. Buyers are feeling some pressure to act fast as the average days on market closed the month at 26, compared to 31 in May.
With continued inventory issues, increased demand and historically low interest rates (thank you Brexit) the rest of the year appears to be a continuation of the hot year we have had so far. While it may be daunting to some, others are finding opportunity in most market segments and buyers and sellers are having success accomplishing their goals.
It is a true professionals market as many deals are closing mainly because of the hard work of Realtors and lenders as transactions are more complex than ever. Our advice, have clear goals, partner with the best professionals and be ready to pounce…Denver is still the place to be.
– Justin Knoll President, Madison & Company
We know, we know, Denver being simply the greatest city isn’t new news! Recently rated one of the top cities to move to, with new developments and projects all over the city, and new and unique restaurants, bars, and coffee shops springing up left and right, Denver doesn’t have to try very hard to prove itself. This incredible city is filled with a myriad of diverse neighborhoods, each showcasing their own unique style. New developments and freshly-opened places to eat and drink grace these neighborhoods. Never fear, we have selected a few of our favorites and some that are still affordable to live in… yes, you heard us, affordable!
Interested in living in one of these or any of Denver’s other incredible neighborhoods? Call one of our expert Realtors® today!
You can read the whole report here.