Some people may say doom and gloom. I say just normal seasonality of our local market. Brian
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.