Denver Inventory Drops Home Prices Increase In July

Dated: 08/17/2017

Views: 464

Image title

The most recent report from the Denver Metro Association of Realtors shows that average home prices in metro Denver increased 9.5 percent year-over-year in July to $449,054, a figure that includes both detached single-family homes and attached condos and townhomes. DMAR's report includes Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties.

Detached homes alone averaged a selling price of $496,382, an increase of 8.4 percent, while condo prices averaged $342,187 in July, a 13.6 percent jump from the year before.

According to the chairman of DMAR's market trends committee, in the market overall, inventory ticked down in July, with active listings decreasing by 1.5 percent to 7,352. This is a new record low for inventory in July.

The number of sales that occurred reflected the lower inventory, with a dramatic month-to-month drop in the midst of the summer selling season.

The chairman of the market trends committee said the number of sales dropped 19.6 percent from June, which is significantly higher than the normal seasonal decrease of 5 percent. Like sales, under-contracts also experienced a higher than usual decrease from June of 14.8 percent. A decrease of 6.2 percent is considered normal.

There was also a year-over-year decline in the number of homes sold, although it was not as steep. In July, 4,879 homes sold, down 8.3 percent from the same month last year.

Median home prices increased by about 9.5 percent as well, to $385,000.

While inventory is limited, there are still great deals to be found in Denver. If you’re ready to start the home buying process, contact Metrowest today – we’d love to show you around!

Blog author image

Andy Potarf

Andy Potarf is a native of Denver and a graduate of Colorado State University. He works with first time homebuyers needing help getting prequalified all the way up to and including seasoned invest....

Latest Blog Posts

Exploring Denvers Goldsmith Neighborhood

Bound by Yale, Evans, and Quebec, Goldsmith is a popular southern Denver neighborhood that offers an easy commute to different parts of the city, as well as a quiet and residential feel. Homes here

Read More

Denvers Real Estate Scene Becoming Better For Buyers But Its Still A Sellers Market

Denver can still be considered a seller’s market, however, homes are taking longer to sell in the Mile High City, and there’s also more to choose from, according to the September report from

Read More

Home Price Gains In Denver Fall Below National Average

After years of strong appreciation, home price gains in metro Denver are falling below the national average, according to Zillow, who said its Denver Home Price Index has risen 3.4% to $411,200 the

Read More

Neighborhood Spotlight Chaffee Park

Boasting above-average public schools and a variety of dining and entertainment options, Chaffee Park is rated the #58 best neighborhood in Denver, according to ranking site Niche

Read More