Inventory of Denver Homes for Sale Increases for Second Consecutive Month as the Market Sees Seasonal Cooling
GREENWOOD VILLAGE, CO – August 4, 2016 – According to the latest data from REcolorado, the provider of REcolorado.com, a home search site for Colorado home buyers, sellers and renters, July saw another welcome increase in the number of homes for sale in the Denver Metro and surrounding area, while prices decreased month over month – both welcome signs for buyers.
Sellers continued to bring new listings to the market, but at a slower pace than last month. Still, July ended with 8,859 listings of homes for sale, which was 10 percent higher than last month and just one percent less than this time last year. Throughout the month, 7,483 new listings came on the market, nine percent less than last month and seven percent less than last year. The supply of inventory for the Denver metro and surrounding area inched up to approximately seven weeks.
Although average sale prices saw month-over-month decreases, they are still up year over year. In July, the average sale price of a single family home was $408,406, down 2 percent as compared to last month, but 12 percent higher than last year. The average sale price of a detached home was $453,637, while condos/townhomes saw $285,062 as their average sale price.
“As we draw close to the end of the traditional summer selling season, we anticipate the market to remain strong but stable, as increasing inventory continues to provide buyers with more and varied opportunities,” said Kirby Slunaker, president and CEO of REcolorado. “As the larger Colorado economy continues to strengthen, we expect the housing market to remain strong. Our members describe the overall market as stable and sustainable.”
We typically see a month-over-month slowing of home sales in July. This July was no different. During the month, 5,192 homes sold, a four percent month-over-month decrease and down 19 percent as compared to July 2015. Throughout the month, 7,023 homes went under contract, a three percent decrease as compared to last month and two percent less than last year.