Denver Metro Area Housing Market Slowing Down with the Start of School
The Denver Housing market is slowing down with the end of summer and school starting. Homes are staying on the market a bit longer and price drops are occurring which means the market is starting to flatten a bit. In August, the Denver Metro area had an average of 23 days on market compared to 54 days which is the nation’s average right now.
August sales prices are continuing to drop slighty. The average sold price for a single family home in August was $363,625, down 1% from last month and up 11% year over year. The average price for a single family detached home was $405,863 in August, while a condo/townhome saw an average sale price of $257,048. Compared to last month, home sales were down nine percent and there was a six percent decrease compared to last year. Inventory of available homes in August was up 2% had 9,144 active listings on the market, as compared to last month and down four percent as compared to last year. The number of new listings that came on the market also saw a decrease down 14 percent as compared to last month. However, as compared to a year ago, new listings were up 14%. There are still a high level of demand for properties with just a eight weeks of inventory in August and homes staying on the market for 21 days.
Please contact House Hunters Colorado for a market update for your city and to learn the market value of your home.Request a Free Home Valuation
Information gathered from Recolorado.com