Demand for housing can sometimes decrease during the colder months; however, this year realtors are expecting the nation's housing market to see increased sales activity throughout the winter.

Danielle Hale, chief economist for Realtor.com, said that although there are fewer buyers in the winter months than in the competitive spring and summer period, all signs suggest that housing demand is still high.

According to the latest National Association of Realtors (NAR) data, two of the driving forces behind the housing market’s continued growth are low inventory and even lower total days on market. Across the country, inventory decreased by 12% in October, according to NAR data. Meanwhile, 82% of homes nationwide sold in under a month.

This is a trend we know all too well in Colorado where last month the number of homes listed on our multiple listing system decreased by 8.1% to just over 8,200 total units.

According to data from the Colorado Association of Realtors, we now have less than one month of housing supply. For comparison, the industry typically defines a “healthy” housing market as one that has at least six months of supply.

The combination of low inventory and quick turnover are pushing home prices up across the state. In October, the median sales price increased by 15.4% to $525,000 while the average sales price is more than $150,000 above the median, CAR data shows. The data may make the prospects of purchasing property seem dim for homebuyers, but it could be the best time to buy as prices show no signs of going down.

If becoming a homeowner is a goal for you in the new year, you likely have more options than you think. Give Metrowest a shout today – we’d love to help you start the process!