The metro Denver residential real estate market continued its slowdown in October, with fewer active and new listings than a year ago, but average sales price increased and time-on-market dropped.
The latest Metrolist data shows that the number of active listings in October in the metro area was 8,041 compared to 10,376 last year, a decrease of 23 percent. New listings dipped 2 percent to 4,843 from 4,964, demonstrating continued low inventory in the market.
Year-over-year in October, the average sales prices for a home in the metro area increased by 7 percent to $303,328, and days on market fell to 34 from 45, a 24 percent decrease.
“With inventory levels remaining tight in October, the market stayed nearly as competitive as it was during the summer selling season,” said Kirby Slunaker, president and CEO of Metrolist. “Home prices climbed a bit, and days on market remained low, indicating continued demand.”
Even with recent declines in the market, local experts are optimistic about the home buying market, which has been strong throughout 2014.
“Overall, the news is not all bad as we point out strengths in our market with a year-to-date average sold price of $324,362 and a closed dollar volume of $14.8 billion,” said Anthony Rael, chairman of the Denver Metro Association of Realtors Market Trends Committee.
“Seasonality will likely impact transactions as we enter the holidays, but demand remains strong for millennials looking to use the offseason to trade their high rent prices to purchase in the Denver area, as well as buyers who will continue to look for the home of their dreams,” he added.