While home prices experienced a slight dip in Metro Denver, overall trends show boom in appreciation values since 2014.
The average and median sold prices of homes both slowed down from the previous month, with appreciation slipping 1.41 percent to $404,160 and 0.46 percent to $350,000, respectively.While home prices had a slight decline month over month, Denver-area has experienced a 23 percent boom in average home appreciation values year to date in the past 24 months.
œThe thrill of victory and agony of defeat are easily interchangeable between sports and real estate, said Anthony Rael, Chairmanof the DMAR Market Trends Committee and Denver real estate agent. œAs the past twenty-four months have shown us, home sellers rejoiced about the rapid increases in home values that enabled many to buy-up in the market, while, at the same time, many would-be homebuyers experienced the agony of being priced out of the market.
Notably, according to Rael, the market is seeing that appraisals are taking longer and, as a result, are causing widespread delays with home closings.He conjectures that the delays will decline when interest rates rise, as the rise will cause refinance appraisals to drop.
The monthly report also includes statistics and analyses in its supplementalœLuxury Market Report(properties sold for $1 million or greater),œSignature Market Report(properties sold between $750,000 and $999,999) andœPremier Market Report(properties sold between $500,000 and $749,999). In August 127 homes sold and closed for $1 million or greater down 5.93 percent from the previous month, and up 14.41 percent year over year. The closed dollar volume in August in this luxury segment was $196,387,593, down 3.03 percent from the previous month, and up 21.89 percent year over year.
The highest priced single family home sold in August was $5,321,200 representing four bedrooms, six bathrooms and 7,826 above ground square feet in Denver. The highest priced condo sold was $3,250,000 representing three bedrooms, four bathrooms and 4,903 above ground square feet in Denver. Both the listing and selling agents for the two transactions are DMAR members.
Nearly eight percent fewer homes priced at $1 million or greater were sold in August compared to July, but condo sales increased 28.57 percent.
œHomebuyers are still in charge in the Luxury Market with 7.91 months of single-family inventory and 8.33 months of condo inventory, stated Jill Schafer, DMAR Market Trends Committee Member and Metro Denver real estate agent. œStrides have been made to reduce that inventory with year-to-date single-family sales up 19.56 percent from 2015, and condo sales up 35.29 percent.
The total price per square foot of homes in the Luxury Market segment jumped $20, from $268 per square foot year to date in August 2014 to $288 per square foot year to date in August 2016.
Wondering what this might mean for your home's value?
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