Greater Denver Housing Trends: December 2021

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Market Trends
 

At the close of the year 2021, demand drove year-over-year prices up while new listings struggled to keep pace. We saw record-high prices for homes across Colorado. Home sales across the greater Denver metro area, were down 12% from both last month and last year, while prices stayed relatively steady compared to last month. Average Closed Price for a home was $622,740, up 15% from December 2020. Homes continue to sell quickly, spending a median of only five days Active in the MLS, which is two days fewer than last year. As the year came to a close, supply of inventory stood at only one week.

 

HOMES CLOSED: Down 12%


In the Denver Metro area this December, 4,616 homes sold, a 12% decrease compared to last December and down 12% from last month. The number of contracts written on homes also saw a decrease. Throughout December we saw 3,312 listings move to the Pending status, down 4% from last year, and a seasonal 26% decrease compared to last month.

 

 

HOME PRICES: Up 15% 


Home prices in the Denver Metro area are up year over year but stayed relatively steady compared to last month. In December the Average Closed Price for a home was $622,740, up 15% from December 2020, but down 1% month over month. Single-Family Residences sold for an average of $700,461 in December, up 15% year over year. The price of Multi- Family/Condos/Townhomes was up 13% from December 2020, at an average of $440,301.

 

NEW HOMES LISTED: Down 14%


Sellers added 2,604 New Listings to the market in December, 14% fewer than last year’s very active December. Compared to last month, the number of new listings saw a 31% decrease. The count of Active Listings of homes for sale is at a record low. At the end of December were just 1,525 listings actively for sale, 39% fewer than last year and 37% fewer than the end of last month.

 

 

DAYS ON MARKET: Down 6 Days Less


In December, homes spent an average of 18 days actively for sale in the MLS, 6 days fewer than last December and 2 days more than last month. On average, Single-Family Residences were on the market 19 days, while Multi-Family/Condos/ Townhomes were on the market 17 days. The median number of days a home spent on the market in December was 5, which is 2 day fewer than December 2020.

 

 

YEAR TO DATE


Demand was strong in 2021 as buyers quickly scooped up available inventory as mortgage rates remained low. Throughout the year, New Listings struggled to keep pace with demand and, as a result, available inventory hovered at record-low levels. In 2021, the Average Closed Price for a home also hit record levels surpassing the $610,000 mark. The average price of a single-family residence was 18% higher than we saw last year, and the average price of a multi-family/townhome/condo was 14% higher. Buyers were quick to put contracts on homes, which took them off the market in an average of just 15 days.


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