The Metro-Denver real estate market lost a bit of traction in July when comparing month-over-month residential home sales. The number of sold homes dropped by 6.73%, while sold condos dropped by 1.95% from June to July.
The average price of a Denver home also dipped from June to July by 3.57% to a current average of $312,920. Home prices rose by 4.78% when compared against July 2011. The average price of a condo increased by 4.79% from June to an average of $190,269. Condos also showed a year-over-year price increase of 24.31%.
The year-over-year number of properties sold, remained strong. There was a 20.47% increase in the number of homes sold and a 20.19% increase in the number of condos sold when compared to July 2011.
Inventory remains historically low. There were only 10,827 combined homes and condos on the market in July. This offers some explanation as to the current market dip — homebuyers simply don’t have enough choices.July Market Snapshot:
Market Snapshot for July:
Market by Price:
Metro Denver Housing Stats by Area and Zip Code:
As noted in the slideshow — the Metro-Denver real estate market continues to be a sellers market in most areas.
Thank you to the Berkshire Group for compiling these stats.Michelle Potter, Realtor in Denver
5280 Magazine "5 Star Denver Real Estate Agent"