Denver Area Housing Prices Rise in October
Inventory levels up compared to last year
DENVER – November 6, 2015 –According to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, the housing market in the Denver metro and surrounding area remained active despite seasonal softening. Inventory levels remain stable, thanks to a steady stream of new listings coming on the market. After several months of increases, average sales price increased in October.
With 8,563 active listings on the market, October’s inventory of available homes for sale was down five percent month over month but, was seven percent higher than this time last year. Inventory levels held steady thanks to sellers bringing 5,830 new listings to the market, eight percent less than last month, but 18 percent more than October 2014.
Months of Inventory remained at two months in October, which is higher compared to the summer months where we saw weeks of inventory as low as 5 weeks, but still well below the national average of approximately three months.
“With inventory levels increasing slightly as compared to last year and homes staying on the market a bit longer, this fall is a great time to buy a home,” said Kirby Slunaker, president and CEO of REcolorado. “After peaking this summer, we’ve seen average sale prices flatten—a trend I expect to continue over the winter months.”
After four consecutive months of decreases, October brought a slight increase in average sold price. The average sold price for a single family home in October was $361,867, up two percent from last month. Denver area home prices remain strong, up 12 percent year over year.
October also brought another seasonal downtick in the pace of home sales. Month over month, the sale of new homes was down 5 percent, and there was a 10 percent decrease year over year.
The amount of time a Denver area home stayed on the market inched up once again in October. The average days on market was 27 days, a three day increase as compared to last month, but seven days less than last year.