Sales and new listings typically decline in November as the weather cools and focus turns toward the holiday season. This year was no exception. The Denver Metro Area housing market saw a decline in home sales during November, while average sold prices have leveled off month over month.
Housing Market Slows for Holidays
This time of year, we often see a slowdown in the housing market as potential buyers shift their focus towards the holidays. Despite the expected seasonal slowing, the housing market is still showing positive signs for buyers and sellers alike.
For example, home buyers see more available homes for sale on the market than last year at 8 weeks of inventory. Homes are also spending longer on the market than last year, an average of 44 days (two days more than last year) and a median of 20 days (six days more than last year).
Market Conditions More Favorable for Buyers
Although it’s not a buyers’ market, we’re seeing conditions more favorable for buyers, including:
- More homes for sale
- Cooling price increases
- Homes spending more time on the market
In addition, fewer home shoppers during the holidays
Home Prices Leveling Off
Prices have leveled off month over month. The average price of a single-family home was $504,699 in November, down 2% from last month and down 6% from the June peak.
We’re also seeing lower differences year over year. The average price of all homes was $461,521, an increase of 6% compared to last year.
For more information, view the Detailed Market Statistics Report or ask your REALTOR® to provide more information about the housing market in your area.
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