DMAR Real Estate Market Trends Report | SEP. '16
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.
By the numbers, month over month for the residential market (single-family and condos), 6,471 new listings came on the market (down 5.05 percent), 5,597 homes were placed under contract (up 2.96 percent), and 5,378 homes sold and closed (up 1.97 percent). The month closed with 7,327 active listings – representing a decrease of 1.89 percent in inventory over the previous month. Days on market closed the month at 28, up from 25 in July. The total sales volume was $2,173,570.473, up 0.53% over the previous month and up 9.66 percent year over year.
Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier 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.
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.
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