Aug 01, 2013

July 2013 Denver Housing Report (archived)

Average home and condo prices are now leveling-off after several months of steady climbing.  Only a slight rise in prices was noted for both single family homes and condos last month.  

On the other hand, a huge jump occurred in the number of home sales.  Total number of houses sold increased to a whopping 5600 units, homes and condos combined.  This number exceeds last year's high of 4900 units, in July 2012.  

We also saw an improvement in our monthly inventory levels.  For the month of June, inventory was up by about 1500 units - a 22% increase!  The jump in inventory is a very welcome sign, after 9 straight months of declines and many disappointed (would be) homebuyers.  Although inventory is heading up, we're nowhere in the comfort zone with just over 8200 units of saleable housing stock.  Hopefully this is the start of a trend.  

Other interesting market news is that our 'list price' to 'sold-price' ratios took an interesting drop in May.  Meaning many houses didn't sell for full list price.  with the huge number of sales in June, that's a surprise.  We'll have to wait and see if there's more to it than just one of those market quirks, or if this is signals the beginning of some new market dynamics.

Till next month,

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Average Home Price, Inventory, & Days-On-The-Market Graphs

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Originally posted at: Average Home Price And Trends Report. Data provided by Metrolist. Graphs copyright© Michael Dagner Group. All information deemed accurate, but cannot be guaranteed. Image attribution - percent - www.sxc.hu