Denver Area Housing Inventory Up Year Over Year
Prices Remain Strong
DENVER – December 3, 2015 – According to REcolorado, Colorado’s largest MLS and the provider of the re-designed REcolorado.com, the housing market in the Denver metro and surrounding area continued to experience typical fourth quarter softening. Inventory levels remained up as compared to last year, with average sales prices remaining steady.
November ended with 6,954 active listings on the market, a seasonal month-over-month decrease; however, a welcome six percent increase as compared to last year. As expected, sellers brought new listings to the market at a slower pace in November. During the month, 3,686 new listings came on the market, 15 percent higher than November 2014.
Months of Inventory inched up slightly to just over two months in November, higher than we’ve seen this year, but still lower than the national average.
“As the winter weather moves in and thoughts turn toward the holidays, the housing market typically sees a month-over-month cooling trend during the fourth quarter,” said Kirby Slunaker, president and CEO of REcolorado. “Home prices remain at the peak levels we saw this summer; however, they have leveled off in the last six months. The market is showing signs of moderating, which is an encouraging sign for home buyers.”
Denver area home prices saw modest increases for the second consecutive month. The average sold price for a single family home in November was $367,992, up two percent from last month. Denver area home prices remain strong, up 12 percent year over year.
Home sales saw typical fourth quarter cooling. In November, sales of single family homes totaled 3,378, a 27 percent decrease as compared to October, and down 16 percent year over year.
The amount of time a Denver area home stayed on the market increased three days in November, bringing the average days on market to 30 days.