Home prices rise 8% in 2017; sales dip in Denver

1295 Silver Rock Lane

The home at 1295 Silver Rock Lane was listed for $5.3 million in November. (REcolorado and the Kentwood Co.)

Home prices keep marching up.

The average price of a home in 2017 rose 8 percent across the 12-county metro area to $433,000 in 2017, according to data from multiple listing service REcolorado.

The average home price was $400,000 in 2016 and $362,000 in  2015, according to REcolorado.

The volume of transactions has remained steady over the last few years. So far this year, 53,739 homes sold for a total of $23.3 billion. That was slightly higher than 2016, when 51,617 homes sold for $20.6 billion, as well as 2015, when 51,510 homes sold for $18.6 billion.

It’s a different story in the City of Denver, where sales volume slid in 2017. According to REcolorado, 13,043 homes sold in the city for a total of $6 billion. In 2016, 13,265 homes sold for a total of $5.6 billion. In 2015, 13,053 homes sold for a total of $5.1 billion.

The Land Title Guarantee Co. also provided data comparing year-to-year residential transactions, but excluded December, family transactions and other non-true sales in property records.

From January to November in 2017, 12,168 residential properties sold in Denver, with 7,602 of those transactions belonging to single-family homes and 4,566 belonging to condos, townhomes or high rises.

That’s slightly lower than sales in 2016, when 12,502 residences sold in Denver. Sales were split between 7,571 single family homes and 4,931 condos, townhomes and highrises.

Below is a list of transactions from both sources.

Land Title Guarantee Co.

Jan to Nov

Residential Property Type

2016

2017

Condo/Townhome/Highrise

4,931

4,566

Single Family

7,571

7,602

Total

12,502

12,168

REcolorado

Year-to-date sales for Denver Metro Area (11 Counties – Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, Park)

2015 – 51,510 homes sold ($18.64 billion)

2016 – 51,617 homes sold ($20.6 billion)

2017 – 53,739 homes sold ($23.28 billion)

Year-to-date sales for City of Denver

2015 – 13,053 homes sold ($5.08 billion)

2016 – 13,265 homes sold ($5.65 billion)

2017 – 13,043 homes sold ($6.03 billion)

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