Denver area real estate market shows signs of leveling out in July
Denver area real estate market shows signs of leveling out in July, as buyer activity slows, price drop, and inventory hitting a three-year high. Active listings for single family and condos were at 7,643 total units in July, up 3.96% year-over-year. The increase was mostly by the condo market which saw a small uptick in average days on the market, increasing to 18 days compared to 17 last July. The number of sold listings decreased by 15.65%, compared to previous month and 8.54% from last July. Year to date, a total of 32,879 homes have sold, down 2.16% from 2017.
Months of inventory for the Denver area real estate increased to 1.59 months for single family homes, compared to 1.43 months last month, while the condo market saw an increase to 1.33 months, compared to 1.21 month previous month.
The average sold price for single family homes decreased 1.48% month-over-month to $529,124, while the median price decreased 0.33% to $450,000. The year-to-date average sold price stands at $526,313 for the single family home market, up 9.68% from last year, with the median sold price at $446,003, up 8.78%. Just list last month, the condo market continues to outperform single family home market with the average sold price of $352,734, representing an 11.95% increase over 2017, with the median price sold price at $300,000, up 13.21%.
For the luxury segment, which is homes sold for $1 million or greater in the denver area real estate, a total of 206 homes sold in July, down 16.26% from previous month but up 17.71% year-over-year. The closed dollar volume in July in the luxury segment was $291,278,026, down 24.22% from previous month and up 7.15% year-over-year.
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Despite of a cooldown, Denver’s among the hottest apartment construction markets: In the year ending in May 2018, Denver saw 10,343 multifamily homebuilding permits recorded, a 14.4 percent year-over-year increase. Over 6,236 apartment units have been added or are under construction in 2017 and part of 2018 in downtown Denver alone. In the metro area, over 22,000 units are under construction.
Denver area city ranked as one of America’s fastest growing suburbs: Aurora ranks No. 8 on Realtor.com’s list of American fastest growing suburbs. Aurora, with a median home list price of $418,400, saw three-year price appreciation of 19.4%.