Home Prices Decrease as Continued Demand Holds Inventory Levels Steady
GREENWOOD VILLAGE, CO – September 9, 2016 – According to the latest data from REcolorado, the provider of REcolorado.com, a home search site for Colorado home buyers, sellers and renters, August saw a second consecutive drop in average sale price, while continued demand kept sales inventory levels steady.
The price of a Denver-area home saw a seasonal, month-over-month decrease in August. At an average of $403,245, prices were one percent lower than last month; however, they are still up 12 percent as compared to this time last year. The average sale price of a single family detached home was $444,621, down two percent as compared to last month and up 10 percent year over year. Increases in prices were seen for condos/townhomes, up two percent month over month and up 14 percent year over year.
The pace at which sellers brought new homes to the market continued to slow as the busy summer selling season wrapped up. In August, 7,140 new homes came on the market, down five percent as compared to last month, but up four percent year over year.
Demand remained strong holding inventory levels steady. August ended with 8,769 active listings of homes for sale, down one percent as compared to July and down four percent as compared to this time last year. The supply of inventory for the Denver metro and surrounding area remained unchanged from last month, at seven weeks.
“The tight inventory levels and higher home prices we’ve seen throughout Colorado this year have not kept buyers out of the market,” said Kirby Slunaker, president and CEO of REcolorado. “Thanks to a strong summer season, sales are on pace with the levels we’ve seen for the last three years, and noticably higher than levels we saw just six years ago.”
Home sales in August reached 5,427, up five percent from July, but down seven percent year over year. Year to date, home sales are just three percent lower than last year.
Since 1984, REcolorado has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. Updated every 15 minutes with new and sold listings and powered by the state’s largest network of real estate professionals, REcolorado.com is Colorado’s most accurate home search website. REcolorado.com also offers consumers mortgage resources, information about Colorado neighborhoods and cities, sold listings, open houses, and a comprehensive database of real estate professionals.
REcolorado is the largest Multiple Listing Service (MLS) in Colorado. With 19,000 professional members who operate throughout the state. It is REALTOR® owned and serves Aurora Association of REALTORS®, Douglas Elbert REALTOR® Association, Denver Metro Association of REALTORS®, Mountain Metro Association of REALTORS®, and South Metro Denver REALTOR® Association. Contact a REALTOR for accurate information about your property and neighborhood.