After September’s steep drop in home sales, it looks like the market began to stabilize in October, according to a recent update from the Denver Metro Association of Realtors (DMAR).Buyers
Fall Brings Cool Down To Denver Market
According to last week’s trends report from the Denver Metro Association of Realtors (DMAR), last month the number of homes on the market jumped, the number of home sales dropped, and price reductions were abundant, all signs that buyers are pulling back in metro Denver.
The report also stated that inventory of single-family homes and condos available for sale at the end of August rose to 8,228, an increase of 7.65 percent from July and 11.8 percent higher than August 2017. Normally, the inventory barely drops between the two months and the changeset a record.
According to Steve Danyliw, chairman of the DMAR Market Trends Committee, said in August the market saw available homes for sale increase to the highest level in four years, giving buyers more homes to choose from.
Other report highlights include:
Single-family home sales in August dropped 7.46 percent from July, and are down 9.75 percent from the same month a year ago.
Condo sales dropped 5 percent for the month and are down 15.6 percent from August 2017.
The median price of a single-family home sold in August was $445,000, down 1.1 percent from July and up 8.54 percent from a year ago.
The median condo price was $299,000, up 0.89 percent from July and 9.05 percent from August 2017.
The number of days it took to sell a condo rose to 20 in August, up from 18 in July, while the number of days a single-family home took to sell rose to 23 from 21. While higher, both still reflect a fast pace of sales.
If you’re ready to start your house hunt in Denver, now could be a great time. If you’re ready to take advantage of this cooling trend, contact Metrowest today – we’d be happy to show you around!
Ray and Carla have been working as a team since 1995. Carla’s extensive knowledge of the Denver area real estate market not only includes over 35 years as a Real Estate Broker Associate but also in....