GREENWOOD VILLAGE, CO – October 13, 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, September brought seasonal cooling to the housing market. Prices, as well as the number of homes sold softened, but by year-over-year comparisons, the Denver market remains healthy.
The price of a Denver-area home saw a month-over-month decrease for the third consecutive month, dipping below $400,000 for the first time since April.
In September the average sale price was $394,059, two percent lower than last month, but still 12 percent higher than this time last year. The average sale price of a single family detached home was $433,851, down two percent as compared to last month and up 11 percent year over year. At $291,019, the average sold price of a townhome stayed flat month-over-month, but is up 15 percent year-over-year.
As is typical for September, demand cooled, giving inventory levels a slight boost. During the month, 5,055 homes sold, down 7 percent month over month and down 10 percent from this time last year. Additionally, in September, 6,412 homes went under contract, down nine percent month-over-month and flat as compared to this time last year.
“As we approach the end of the traditional selling season, we’re seeing the housing market remain strong year over year on the Colorado Front Range, said Kirby Slunaker, president and CEO of REcolorado. “Inventory of available homes has stabilized and is on par with levels we’ve seen the last two years. As we head into Autumn, stable inventory levels, as well as a steady flow of new listings coming on the market, will continue to provide buyers with more and varied opportunities.”
September ended with 9,052 active listings of homes for sale, up three percent as compared to August and flat as compared to this time last year. Homes spent an average of 25 days on the market in September, up two days compared to last month. This took the supply of inventory to eight weeks.