In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Denver Home Sales Slow In October
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.
With cooling prices hitting the area, this may be the perfect time to find the home of your dreams. Ready to start the process? Contact Metrowest today – we’d love to help!
Andy Potarf is a native of Denver and a graduate of Colorado State University. He works with first time homebuyers needing help getting prequalified all the way up to and including seasoned invest....