Real estate sales increased in December 2015 with closings on 4,436 homes in the Denver metro area and surrounding area – a 31% increase over November 2015, according to REcolorado, Colorado’s largest multiple listing service and the provider of REcolorado.com.
Of the closings, 3,174 involved single family detached homes and 1,262 were condos/townhomes.
“December typically brings a month-over-month increase in residential real estate sales, but this December surprised us with a much higher increase than we’ve seen in previous years,” said Kirby Slunaker, president and CEO of Recolorado. “Home prices have moderated since the second quarter, allowing buyers to jump into a market that is less competitive during the holiday season,” he continued.
While closings were up, December recorded sizable decreases in the number of active listings on the market, the number of new listings and the number of listings that went under contract, according to Recolorado’s December Residential Real Estate Report.
At month’s end, there were 5,501 active listings on the market, a 21% decrease from November 2015 but a 3% increase over December 2014.
A total of 2,542 new listings came on the market in December, which represented a 31% percent decrease from November’s 3,686 new listings, but a 2% increase when compared to December 2014.
There were 3,724 homes under contract in December, down from 5,110 recorded in November – a 27% drop. However, that represented a 6% increase from December 2014.
REcolorado also reported that Denver area home prices held steady in December for the third consecutive month.
The average sold price for a single family home in December was $369,568, about the same as last month but 10% higher than this time last year, the listing service noted.
The amount of time a Denver area home stayed on the market increased three days in December, bringing the average days on market to 33 days.