You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and
CO Association Of REALTORS® Sees Nearly A 20 Percent Drop In Inventory Heading Into The Holiday
According to recent data from the Colorado Association of Realtors (CAR), the usual seasonal slowdown in the housing market’s new listings has been met with strong “pending” and “under contract” numbers creating 13-20 percent declines in the inventory of active listings across the Denver-metro area and statewide. Other highlights from the November report include:
In the seven-county Denver metro area, buyers faced a 10 percent decline in new single-family listings between September and October as the inventory of active listings dipped more than 15 percent month-over-month and is down 20.2 percent from this time last year.
Statewide, new listings for single-family homes were down 9.3 percent from September to October and the inventory of actives dropped more than 13 percent month-over-month and -17 percent year-over-year.
The overall lack of inventory is eliminating pricing relief as single-family homes in the metro-Denver area ticked back up 1.1 percent to $440,000 and are up nearly 5 percent over October 2018 pricing.
Townhome/condos dipped slightly from September to October (-1.6 percent) to $310,000 but remain 3.3 percent higher than this time last year.
Looking statewide, the median price of a single-family home remained at $400,000, a 5.3 percent increase over October 2018.
Townhome/condo median pricing across the state rose half-a-percent to $314,000 and is up 4.8 percent over this time last year.
Despite declines in inventory, the CAR Housing Affordability Index – a measure of how affordable a region’s housing is to its consumers based on interest rates, median sales price, and median income by county – improved 16+ percent year-over-year for single-family homes both in the Denver metro area and statewide to 85 and 94, respectively.
According to CAR, the higher the number, the more affordable a region is considered to be. For townhome/condos, the affordability index improved 17.5 percent to 121 for the seven-county Denver metro area and 15.5 percent (119) statewide from October 2018 to October 2019.
While Denver shouldn’t be considered a buyer’s market just yet, the outlook is getting a bit brighter for would-be homeowners in the Mile High City. If you’re ready to find a great deal on a house in Denver, give Metrowest a shout today – we’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
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