Colorado’s Home-Price Pressure Eases With Influx Of New Listings

The inventory of new home listings in metro Denver jumped up 12.8 percent over the same period last year in July, creating some breathing room in a market that has remained constricted for several months.

In July, there were 7,494 new listings for houses and condos on the market, according to the latest report from the Denver Metro Association of Realtors. The number of new listings also represents a 5 percent increase from June, when there were 7,131 new listings on the market.

The increase in the number of homes available put some downward pressure on the average price of a home in metro Denver, which spiked above $400,000 earlier this year.

The average price of a single-family house in the metro area dipped by 1.8 percent month-over-month to $412,996, while the average price for a condo decreased by 1.9 percent from June to $254,513.

“The Denver-area’s overall real estate market was showing signs of ‘easing up’ or ‘cooling off’ as we entered the prime home-buying season, and some sellers were beginning to sense a slight shift in the market,” said Anthony Rael, chairman of the DMAR Market Trends Committee.

“This is all welcome news for homebuyers who have survived the recent months of our market frenzy. Even with the most recent decline in average and median sales prices, sellers have done remarkably well by realizing double-digit price appreciation in our year-over-year analysis,” Rael said.

But year-over-year, home prices are still up.

The average sold price for a house is up 9.8 percent from last year, when houses sold for $376,101 on average, and condo prices are up 13.9 percent from last year’s average of $223,454.

“The number of available homes for sale has been steadily increasing throughout the year, a positive sign for buyers as we head into the second half of the summer selling season,” said Kirby Slunaker, president and CEO of REcolorado. “We’ve seen prices stabilize over the last several months, which suggests the market is finding more of a balance.”

Homes are spending even less time on the market than they have been, with the average number of days on market for a home in the metro area dropping to 20, down from 23 in June and from 28 in July 2014.

Colorado yet again led the country for home-price appreciation, according to the latest report from Irvine, California-based CoreLogic, which said earlier this week that home prices appreciated 9.8 percent year-over-year in June, faster than any other state.

Source: http://www.bizjournals.com/denver/blog/real_deals/2015/08/colorados-home-price-pressure-eases-with-influx-of.html

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