Colorado Front Range Housing Inventory Shrinks in October as Prices Remain Steady
GREENWOOD VILLAGE, CO – November 8, 2016 – According to the latest data from REcolorado, the provider of REcolorado.com, the most popular, locally run home search site for Colorado home buyers, sellers and renters, October saw continued cooling across all major indicators, with a noticeable dip in inventory and little change in home sale prices compared to last month.
In October, sellers brought fewer new listings of homes for sale to the market, which contributed to a decrease in inventory levels across both the single family detached and condo/townhome markets. During the month 5,271 new listings came on the market, 19 percent less than last month and 9 percent lower than last year. As a result, the month ended with 8,008 active homes for sale. At the end of October, inventory levels were 12 percent lower than last month and six percent lower than last year.
“We typically see a slight slowing of the market and a dip in inventory this time of year, as October is traditionally the end of the summer peak season,” said Kirby Slunaker, president and CEO of REcolorado. “Although overall, inventory levels in the Denver Metro area remain low, there are still cities where the number of homes for sale has increased and prices remain moderate, giving home buyers a healthy selection of homes to choose from.”
The average sale price of a Colorado Front Range home remained relatively unchanged month-over-month, making October the fourth consecutive month with prices that held steady. Still, at $329,599 average sale prices are up 9 percent year over year.
In October, the average sale price of a detached single family home was $429,300, down one percent as compared to last month and up 8 percent year over year. At $293,402, the average sold price of a townhome increased one percent month over month, and is up 12 percent year over year.
Year to date, sales throughout the Colorado Front Range remain strong, just two percent lower than this time last year.
“Under contract numbers continue to look positive,” says Mr. Slunaker, “which should result in a continued positive move into November and December, especially compared with prior year sales figures. Denver continues to be a great market for home sales and activity.”