A recent Denver Post article indicated a significant drop in metro housing sales last month. The data comes from the Denver Metro Association of Realtor’s most recent monthly report. According to the data, buyers closed on 4,294 homes and condos last month, a 17.5 percent drop from September and 11.4 percent fewer sales than in October 2015. Sellers listed 4,874 homes last month, down by nearly a tenth from the number of new listings in September.
Other report highlights include:
October ended with 11.4 percent fewer homes available for sale than in September versus a more typical 5.8 percent decline across those two months. This is actually the largest decline in 30 years, which put Denver’s inventory at a record low in October.
About three in 10 sellers had to drop their list price to get an acceptable offer, although that level was similar to the price drops measured the past two Octobers.
According to Steve Danyliw, incoming chairman of the DMAR Market Trends Committee, price reductions are being seen across the board as sellers adjust to the cool down.
The median price for single-family home sold in October was $380,000, flat with September and 9.5 percent higher than a year ago. The average price was $440,184, up 0.15 percent from September and up 9.3 percent from a year-earlier.
Median condo prices also flat-lined in October versus September at $245,000, but were up a strong 15 percent from a year earlier. The average price of a condo sold, at $293,678 was up 2.5 percent month-over-month and 11.8 percent year-over-year.
Since 2003, Metrowest Real Estate Services has been Denver’s premiere resource for residential, foreclosure, REO and investment real estate. When helping you buy or sell, our mission is to provide excellent customer service to our corporate and individual clients by ensuring that our agents exceed all standards for market knowledge, professionalism, and client support. Whether you are a high volume investor or a first time homebuyer, our team at Metrowest can help you realize your real estate goals! Metrowest is your Denver Colorado Real Estate Team. We specialize in helping you get the most of your sale, purchase or investment.
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