Denver area homes for sale hit a four-year high in August
Denver area homes for sale hit a four-year high in August with a total of 8,228 homes on the market, up 11.79% from last year. While conditions still favor sellers, subtle shifts in the metro-Denver real estate are showing signs of a slowdown in the rate of appreciation and an increase in days on the market. However, year over year, single family homes appreciation is still up 9.55% and condos up 11.41%.
The condo market is driving the overall increase in active listings, which is up 22.07% year over year. The number of sold listings for the entire residential market decreased by 6.78% compared to the previous month, and 11.48% from last August. Year to date, a total of 38,422 Denver area homes for sale have sold, down slightly 2.33% from last year. Still, the most active price segment in August for the single family homes market was from $300,000 to $399,000 and $200,000 to $299,000 for condos.
In August around 30% of sold homes in the metro Denver area reduced their price, and the majority of price reductions occurred at $500,000 and up. The Denver metro area is still underbuilt by about 30,000 homes right now according to Denver’s Home Builders Association.
Months of inventory increased across the board for both the single family homes and condos. Single family homes increased to 1.68, compared to 1.59 months in July. Condos increased to 1.48 months, compared to 1.33 months in July. The average price for a single family home was $525,346, a decrease of 0.38% month over month, while the median price decreased 1.11% to $445,000. Just like last month, condos continue to outperform single family homes with the year to date average sold price of $351,318, representing an 11.41% increase over last year.
The luxury market had a similar experience, with 191 homes sold and closed for $1 million or great, down 11.57% from the previous month but up 31.72% year over year. The closed dollar volume in August for the luxury segment was $289,495,644, down 5.73% from the previous month, but up 26.02% year over year. Total dollar volume for the luxury market exceeded $2 billion in August which was a first time record.
Where Denver area homebuilders are predicting the most expansion through 2018:
- Green Valley Ranch – Oakwood Homes (location: Denver)
- Cityscapes at the Views – Richmond American Homes (location: Broomfield)
- Heritage Todd Creek – Lennar (location: Thornton)
Here are the details of The Rockies Stadium plans for a mixed-use development 1901 Wazee:
- 11-13 story structures
- 114 residential units
- 90,000 square feet of retail space
- 210,900 square feet of office space
- 144,693 square feet of hotel
- 34,015 square feet of event/Hall of Fame space
- 421 parking spaces
What will a $1 million buy you in today’s Denver housing market?
According to LendingTree Inc. 2.65% of all homes are valued at $1 million or more, making it No. 10 of the list of cities with the highest share of homes valued at more than $1 million.