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Denver home values slipping 1.42% in the month of September

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Denver home values slipping 1.42% in the month of September

Denver home values slipped 1.42% in September, which was the third consecutive decline of Denver home values. June was the last month that saw appreciation gains, however active listings jumped to 6,796 which represents a 24.40% increase. The average and median sold home prices for single family homes and condos in June increased 2.77% from previous month to $421,266 and 1.39% to $365,000 respectively, while average days on market dropped to 26, compared to 31 days the month prior. Average and median single family home sold prices inched up from the previous month with an increase of 2.92% to $466,288 and 0.25% to $396,000. Year over year, single family home prices were up an average of 10.74%. For the month of June, active listings increased 9.67% and new listings increased 6.79% compared to last year. June closed out with 6,796 active listings.

In July, nearly every category including new listings, homes sold, average and median sold prices and overall sales volume were down. The only category showing an increase was active listings, up 9.89% compared to previous month however, although that overall inventory is up month-over-month, this was the lowest July on record for active listings, down slightly 0.3% from July of last year. The record high average active listings for the month of July, and also the all-time record high, was set in 2006 with a whopping 31,989 listings. Average and median sold home prices both for single family homes and condos fell 1.88% from the previous month to $412,312 and 3.01% to $345,000 respectively. However, average days on the market did drop to 25 days. Average and median single family home sold prices did see a drop of 0.87% to $460,623 and 1.34% to $389,900 respectively. July closed out with 7,468 active listings.

For the month of August, the average and median sold prices for single family homes and condos fell another 1.41% from the previous month to $404,160 and 0.46% to $350,000 respectively. Total sales volume was $2,173,570,473, up 0.53% over the previous month and up 9.66% from last year. Days on market closed the month at 28, up from 25 in July. August closed out with 7,327 active listings.

In September, average days on the market jumped to 41.2 days, compared to 37.6 days last year, an increase of 9.6%. The increase in days on market is mostly attributed to seasonal slowdown and may also be due to Denver-area appraisal shortage. Cash transaction showed little change from 2015 to last month (28.2% versus 28.9%), however, financed sales saw a significant change:

  • Conventional loans closed in 39.3 days in 2015 compared to 43.2 days last month, up 9.9%.
  • FHA loans closed in 38.8 days in 2015 compared to 43.2 last month, up 14.9%.
  • VA loans closed in 39.9 days in 2015 compared to 49.5 last month, up 24.1%.

Average and median sold home prices were down for the third straight month with appreciation slipping 1.42% to $396,706 and 0.57% to $348,000 respectively. September closed out with 7,599 active listings.

For the first time ever, total home sales eclipsed $10 billion in volume from January through June according to a recent report by Denver Metro Association of Realtors. Buyers paid a record $10.17 billion for single family homes, condos and townhomes, which was a 7.21% year-over-year increase from previous record of $9.486 billion.