Good news for buyers in the Mile High City: According to a recent analysis from Zillow, with the exception of California’s biggest cities, no other housing market is cooling as quickly this year
Denver Market Sees Another Cool Down In November
Denver home sales cooled a bit in September but seemed to stabilize in October of this year. However, according to the most recent report from the Denver Metro Association of Realtors (DMAR), metro Denver’s home sales hit another icy patch in November.
According to the most recent findings from DMAR:
There were 2,628 single-family homes sold in metro Denver last month, a decline of 17.6 percent from October and 23.9 percent below November 2017.
The number of condos sold came in at 1,104, a decline of 16.6 percent month-over-month and 22.9 percent from year-ago levels.
Unlike September, when sales fell and inventories rose, fewer homes were listed on the market, a sign that sellers may be pulling away as well as buyers, who are coping with higher mortgage rates that have reduced what they can afford.
The inventory of homes and condos available for sale at the end of November dropped 11.8 percent from the count at the end of October to 7,530. Compared to November of last year, the inventory is up a big 46.7 percent.
The median price of a single-family home sold in November dropped 1.82 percent to $427,000 over the month but remains up 4.9 percent over the year. The median price of a condo sold in November was $299,450, up 0.15 percent from October and up 9.71 percent from November of 2017.
DMAR notes that November and December can be tricky months to figure out. In November of 2017, home and condo sales were down about 13.5 percent and the supply of listings dropped 18.7 percent in metro Denver. Historically, sellers tend to pull back around the holidays, and they are definitely doing so this year.
Could this holiday season be the best time for you to buy? There’s only one way to find out. Contact Metrowest – we’d love to show you all Denver has to offer!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....