The Denver-area Housing Market Shows Signs of Easing as July Brings More Homes.
Real Estate Remains Sizzling Hot with Record-Smashing $11.45 Billion in Sales Volume Year-to-Date and Homes Selling Fast at an Average of 20 Days, but Market Conditions are Shifting.
New residential home listings on the market in July increased 5 percent over the previous month and 13 percentyear-over-year, which naturally helped ease the average and median sold prices of homes $366,419 and $314,900 respectively. At July month's end, there was a 20 percent rise in active listings compared to the previous month.
Denver REALTORS have been begging for an increase in housing inventory for the past 12-months and July was just what the doctor ordered, said Anthony Rael, Chairmanof the Denver Metro Association of REALTORSMarket TrendsCommittee. œAnd just when you thought our dayson market couldn't get any lowerboom. The average dropped to 20 days in July.
The days on market (DOM) for single-family homes dropped anadditional 15.5 percent from the previous month to 22. The DOM inched down to 17 for the condo market one day less than the previous month. The greater Denver Metro area housing market replenished itself with 7,494 new listings,5,484 homes placed under contract, and 5,484 homes sold and closed. At month's end, there were 7,470 active listings representing a 21 percent increase over the previous month, but still 10 percentless than July 2014.
The month-over-month single family home market saw a modest 6 percent increase in new listings, while the average and median sold prices decreased ever so slightly by 1.4 percent to $412,996, and 2.8 percent to $350,000. The condo market showed the supply of new listings increase 2.5 percent over the previous month while the average sold pricedipped 2 percent to $254,513 and the median price remained relatively unchanged at $215,000.
Rael states, œEven with the most recent decline in average and median sales prices, sellers have done remarkablywell by realizing double-digit price appreciation in our year-over-year analysis.
For the entireresidential market (single family and condos), homes under contract decreased by 5.8 percent;sold listings decreased 9.7 percent and total sales volume dropped 11.77 percent from the previous month to $2 billion. Finally, a quicksummary of the year-to-date residential market shows new listings at 42,555, DOM at 30, average price at$363,016 and a record-smashing $11.45 billion in sales volume.
œSales of homes over $1 million slowed downin July from the month before, but sellers got more per square foot - up 11 percentfrom June, said Nicole Rufener, member of the Denver Metro Association of REALTORSMarket Trends Committee and Managing Broker of Live Urban Real Estate. œAbout 23 percent more homes priced over $1 million sold in the first half of this year compared to thesame time period last year, and 30 percent more than in 2013. Things are solidly in the seller's favorin the $500,000-$999,000 segment with very little choices out there and more and more sales happening.
Despite selling more high-end homes, it is still a buyers market for homes priced over $1 million with 8.7 months ofinventory. This is down quite a bit from the previous year with a high at 16.4 months of inventory inJanuary 2015.
The highest priced single family home sold in July was $3,375,000 representing 7 bedrooms, 7 bathrooms and 6,500 above ground square feet in Cherry Hills Village. The highest priced condo sold in July was $3,375,000 representing 3 bedrooms, 4 bathrooms and 4,929 above ground square feet in Denver.
Rufener adds, œAll in all, the numbers reflect that the high end Denver market continues to stay hot through our summermonths.
Source: Denver Metro Association of Realtors
Socials