Metro Denver housing inventory up 28% year to date from 2018.
Metro Denver housing inventory up 28% year to date from 2018. The first half of this year ended with the most active listings, at 9,520 at the end of June, which was the highest since October of 2013, at 9,734. The average sold price across all segments dropped slightly by 0.54% from May’s $502,518 to $499,807 at the end of June, but still up 1.64% year to date.
Furthermore, homes have been staying on the market longer before going under contract this year. The median days on market was up 66.67% from 6 days at this point last year, to 10 so far in 2019. Meanwhile, days on market for all price ranges indicates a seller’s market except for homes priced over $1 million, where it’s an equal market between buyers and sellers; with 5.16 months of inventory for single family homes.
The average sold price for single family homes were down slightly month over month to $547,461, compared to $551,992 in May. However, year to date, the average sold price for single family homes were up 1.26%, while days on the market dropped slightly to 22 days end of June, compared to 23 days end of May. Metro Denver housing inventory for single family homes stood at 6,845, up 8.12% to the month prior.
For the condo market, average sold price for June was $370,442, down 2.16% from May’s $378,622. Average days on the market was unchanged at 27 days. However, the Metro Denver housing inventory for condos was up 4.49%, at 2,675 at the end of June.
In June, 238 homes sold and closed for $1 million or greater, down 16.60% from May and 9.85% year over year. The closed dollar volume in the luxury segment year to date was $1.8 billion, up 2.62% from last year. Sellers with homes priced between $1.5 and $1.750 have been taking the biggest cut with a 91.20% sale to original price ratio for single family homes and 94.9% for condos.
For the month of July, the Metro Denver housing inventory ended with 9.359 active residential listings, down 12.37% from the month before. Overall in the Denver area residential market, 6.19% fewer homes were sold in July compared to the month prior, while there was a slight uptick in days on the market and price reductions.
The average sold price across all segments in July was $498,960, down slightly from June’s $499,807, yet still up 4.27% year over year. The average single family home price was up 0.58% from June to $552,935, topped only by the slightly higher average prices in April and May. Year to date, the average sold price was up 1.83%.
The average condo sale price was down 1.46% in July to $362,922; this is lower than the past three months, but still up 3.01% year to date.
Once a home was priced right, sellers received, on average, just under full asking price with a close to list price ratio of 99.32%. Year to date it’s taking, on average 30 days to sell a home compared to 24 days last year.
Despite the price reductions, we are still statistically in a seller’s market with 1.73 months of inventory across all price ranges for the metro Denver housing inventory. Properties above $1 million have the most inventory with single family homes at 4.93 months, just under the five months that make a balanced market. The condo inventory, ended with 4.36 months of inventory