According to a recent report from Metrolist, there were only 6,566
active home listings on the Denver-area market last month, which is a record
low for the mile high city. The report showed almost a 27.5 percent drop from
the 9,043 homes on the market in November, 2013. 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
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.
Author:Ken Blevins Phone: 720-255-7242 Dated: December 17th 2014 Views: 739 About Ken: Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and...
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