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
Home Prices Cool Slightly While Condo Prices Heat Up In August
The Denver Post recently reported that Metro Denver’s housing market continued to show signs of leveling off in August, as both median and average prices dropped for single-family homes. The data comes from a report released last week from the Denver Metro Association of Realtors.
The report also indicated that the time homes spent on the market jumped from 25 days to roughly 28, due to unusually-long appraisal processes. Metro Denver homebuyers closed on 5,378 homes last month, a 2 percent increase from July, but a 1.4 percent decrease from August 2015.
Home price breakdown:
The average price of a single-family home was $448,761, a 2 percent decrease from July, but 9.9 percent above the average a year earlier.
The median price was $380,250, a 2.2 percent drop from July and 9.6 percent above August 2015.
Condo prices, on the other hand, continue to rise. According to the report, the average price of condo sold in August was $288,744, up 1.2 percent from July and up 13.3 percent from a year earlier. The median was $244,000, a 0.4 percent increase and 13.5 percent above the median a year ago.
Interested in checking out single family or condo options in the Denver area? We’d love to help. Give Metrowest a shout and let’s get started!
Michelle is a native of Denver, however just recently moved back Denver after living in Long Island , NY for the past 3 years. While in NY, she managed a portfolio of properties for a large NY invest....