A new year starts, resolutions begin and we all get to start 2018 off right! With all these new things happening, not as many home sellers and Buyers were thinking about selling or buying. Sales were down in the Signature market with single-family home sales down 34.67 percent, and condo sales down 13.16 percent. Sales may have slowed, but month over month and year over year price per square foot (PSF) was up 4.56 percent in the Residential Signature market (single-family plus condo) from the prior months at $252 PSF, and up 12.50 percent year over year at $224 PSF from one year ago. WOW, a lot can change in a year! January literally came in with a BANG year over year with sales up 11.36 percent in the Signature single-family market and an impressive 266.67 percent in the condo market. Our sales volume was also up 8.69 percent year over year in the Signature single-family market and 285.98 percent in the Signature condo market. Even with the cooler temperatures in January, the Signature condo market was HOT year over year. Maybe February will bring some love to home sellers and they will think about selling as our months of inventory remains low in this segment of the market at 3.80 months of inventory in the single-family market and 2.97 months of inventory in the condo market. Don’t forget the conforming limits increased January 1st to $453,100 as the new base limit, and now most Denver metro cities and counties are at $529,000 or higher. This now gives your buyers more purchasing power to enter into the Signature market and rates are still low for Jumbo loans and HELOC (Home Equity Line Of Credit) loans.
