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 Housing Inventory Hits Record Low
Metrolist data also revealed that 3,820 homes sold in November, which is a 0.95 percent increase from the 3,784 in November 2013, but about a 17.3 percent drop from the 4,617 in October. Industry insiders say sales often drop on a month-to-month basis in November for seasonal reasons and it appears this year is no exception.
The slowing in monthly home sales is likely due to market seasonality. Even with the month-over-month decreases in inventory, demand remains steady, and that continues to drive sales.
There were 4,529 homes placed under contract in November, a 6.61 percent increase from the 4,248 homes placed under contract in November 2013, but a 23 percent drop from the 5,883 in October.
A total of 3,146 homes came on the market in November, a 9.86 decline from the 3,490 in November 2013 and a 35.17 percent drop from the 4,843 in October.
However, 1,383 more homes were placed under contract than came on the market last month, indicating that consumers are buying off the top of new listings hitting the market.
Though housing inventory is low, home prices continue to rise. Metrolist said the average price of a single-family home sold last month was $329,306, up 9.12 percent from the $301,565 in November 2013 and an increase of 1.7 percent from $323,750 in October. The median, or middle, sales price in November was $280,000 up 12.2 percent from $249,500 in November 2013 and an increase of 2.19 percent from $274,000 in October.
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....