Real Estate Advisor—April '17 Market Report Courtesy of Land Title Guarantee Co.
Market Analysis % Change Year over Year, 2016 vs. 2017: Monetary volume ($123,142,000) in March 2017 was 43% higher than in March 2016. Transactions were up by 31%. YTD 2017, monetary volume is up by 32%, and transactions are up 12% compared to YTD 2016. We are potentially looking at a record year for local real estate.
Comparative Historical Cost Analysis:
Average Indicators for $:
- Single Family: +30%,
- Multi-Family: +10%,
- Vacant Land: +14%
Median Indicators for $:
- Single Family: +47%,
- Multi-Family: +7%,
- and Vacant Land: +16%.
Luxury Market Surges to New Highs:
- YTD 2017: 70 properties sold for $1M and over
- YTD 2016: 33 properties sold at $1M and over
- YTD 2015: 28 properties at $1M and over. That’s nearly triple in two years!
Time on Market: Demand is in a frenzy as median days on market has plummeted again; it was 18 days in June '16, 17 days for Oct., 25 days for December, and 14 days in March '17.
Buyer Demographics for 2016:
- Front Range buyers=40%
- Locals, including those relocating here full-time = 29%
- Out-of-state buyers=30%
- International=1%
The next few months will see our largest inventory of the year. Contact me today, and I can help you find your dream home quickly. By the time you see it on Zillow, it's probably gone.
