Jun 15 2016 10392 1

Dated: 06/15/2016

Views: 1445

Colorado Housing Market Likely To Stay Hot In 2016

ByJAN 14, 2016

SHARETwitterFacebookGoogle+Email

  • BRADLEY GORDON / FLICKR-CREATIVE COMMONS

If you thought Colorado's housing market was crazy last year, then the outlook for 2016 probably won't calm your nerves.

Strong economic growth and continued low inventory will likely keep the market hopping, say experts. While interest rates have ticked up, they are not likely to do so significantly in an election year. That means money is still cheap, another factor pushing buyers into the market.

Kelly Moye, a spokeswoman with the Colorado Association of Realtors, said she's looking at "the exact same kind of market" as 2015. In particular, Moye pointed out the incredibly low Front Range housing inventory. From the Denver Metro Area up to Northern Colorado, only 4,400 homes are for sale. In a balanced market that number should be 25,000, she said.

That low inventory means homes are selling fast - average time on the market is 29 days, which Moye said she has "never seen" in 29 years of working in real estate.

It also mean home prices are being bid up as buyers compete for scarce houses. Particularly in the far north suburbs of Denver - towns like Erie, Firestone and Frederick - homes are selling for substantially more than their asking price.

Statewise, the 2015 numbers tell a story of rapid increases in home prices. The statewide median price for a single family home jumped 11.5 percent, to $304,444.

Northern Colorado is no exception - in fact, area home prices in the Northeast Region, which includes Boulder, Larimer, Logan, Morgan and Weld counties, increased even more in 2015 than the state average - 14.2 percent.

In Fort Collins, there are 12 single family homes listed for $300,000 or less, according to coloproperty.com. In Greeley, there are 80 homes listed in the $300,000 or under range, leading real estate agents to speculate that the city may be the next place homebuyers look if they are priced out of other Northern Colorado towns.

Want to Advertise on this Site?

Latest Blog Posts

Denver Real Estate 101 Workshop

Denver Real Estate 101Please join us for an informative workshop on Wednesday, September 27th, 2017 from 6PM - 7:30PM at the Ion Real Estate office. Ericka York of the Fairway Independent Mortgage

Read More

Everything You Need To Know About Colorado Real Estate

Everything You Know About Denver’s Real Estate Market Is Wrong Well, maybe not everything. But thanks to scant housing inventory, massive population growth, and still-low interest rates, buying

Read More

Aug 7 2017 40676 1

Good morning fellow Denverites!It's a rather soggy day here in the Mile-Hi City, but don't let that, interest rate increases, or inflation stop you from looking for your dream home or

Read More

Aug 2 2017 36392 1

I closed on my first house since I've been with Ion! What a wonderful day with a wonderful couple! Bryan and Kurstyn were so great to work with! And they have become my new friends! YAY!! I love

Read More