Denver Metro Area Housing Market Sees an Increase in Inventory
The Denver Metro saw a positive increase in the number of homes for sale in July as optimistic sellers brought a large number of new listings to the market, according to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com.
Inventory levels have seen five consecutive months of increases, rising 76 percent since February. As compared to previous years, inventory remains tight. Year over year, inventory is down eight percent. According to the REcolorado July 2015 Report on the Denver-area Housing Market, July ended with 8,967 active listings of homes for sale, a jump of 19 percent month-over-month.
July’s increase in inventory levels was motivated by sellers who brought 8,072 new listings to the market. The number of new listings was up six percent, month over month, and up 15 percent as compared to this time last year.
During the month, there were 5,661 sold listings, a slight month-over-month decrease and a six percent decrease as compared to this time last year. After experiencing five consecutive months of increases, home sales slowed in July.
The average sold price for a single family home was $365,663, down two percent as compared to last month, but still nine percent higher than a year ago.
The average sold price for a condo/townhome was $256,701 in July, two percent lower as compared to last month, but still 15 percent higher than a year ago. The average sold price for a single family detached home was $409,669, down two percent as compared to July, but 10 percent higher than this time last year.
Please contact House Hunters Colorado for a market update for your city and to learn the market value of your home.
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