With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
House Prices Cooling In The Mile High But Inventory Remains Low
According to a monthly update from the Denver Metro Association of Realtors (DMAR), metro Denver’s heated housing market continued to show signs of cooling in August, with single-family home sales and median home prices dropping for the second month in a row.
The median price of a single-family home sold in the 11-county area fell did 2.4 percent from July to August for $410,000, but that’s still up 7.9 percent over the year. Additionally, the number of single-family homes sold dropped 8.7 percent month over month and is down 10.6 percent from a year ago.
DMAR said that condos fared better, with the number of sales in August up 1.8 percent over July and down a smaller 3.4 percent year over year. The median sold price also increased 1.8 percent to $275,000 between July and August and is up 12.9 percent year over year.
Condo listings did experience a big jump in the average time on market, which jumped to 38 days in August – a 46.1 percent increase from a year earlier. Single-family listings spent an average of 27 days on the market, a 6.9 percent drop from last year.
Those looking to buy are finding limited choices as inventory remains tight. According to DMAR, there were only 7,360 residential properties listed at the end of August, about the same number as in July. The report also shows that the most active part of the market remains single-family homes priced under $400,00 and condos priced below $300,000.
Despite low inventory, there are still some great deals to be found in the Denver area. If you’re in the market to purchase a home, contact Metrowest today. Our experienced pros would love to show you around!
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....
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