The Fall housing marketing is definitely cooling off after a crazy summer selling season where buyers and sellers were duking it with multiple offers. This news of a slowing market is great news for buyers in the Denver area, things are getting back to normal and we can start to see the beginnings of strong fall and winter market. Take a look at the article below from ReColorado.com and the Peak Properties Group and let us know if you have any questions to comments about where we see the Denver area headed.
DENVER – October 5, 2015 –According to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, the housing market in the Denver metro and surrounding area continued its cooling trend in September. As inventory levels and prices remain steady, the market is seeing a slow shift to one that is more pleasing to the buyer.
With 9,051 active listings on the market, September’s inventory of available homes for sale was down one percent month over month but, was two percent higher than this time last year. Inventory levels held steady thanks to sellers bringing 6,314 new listings to the market, nine percent less than last month but 18 percent more than September 2014.
Inventory levels remained at 8 weeks in September, higher as compared to the summer months where we saw weeks of inventory as low as 5 weeks, but still well below the national average of approximately 12 weeks.
“The Denver area housing market remains among the hottest in the country,” said Kirby Slunaker, president and CEO of REcolorado. “Sellers continue to bring new listings to the market, holding inventory levels steady and benefiting buyers who are enjoying greater selection and moderating prices.”
September also brought a seasonal downtick in the pace of home sales. Month over month, the sale of new homes was down 5 percent, and there was a six percent decrease year over year.
Third Quarter in Review
The housing market for the Denver metro and surrounding area has many similarities compared to last year, but compared to the third quarter just five years ago, it looks much different.
At a monthly average of $360,828, the average sale price for the third quarter of 2015 is 35 percent higher than the monthly average of $266,467 seen in 2010. Compared to the third quarter of last year, the average home price increased 9 percent.
Since 1984, REcolorado has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. Updated every 15 minutes with new and sold listings and powered by the state’s largest network of real estate professionals, REcolorado.com is Colorado’s most accurate home search website. REcolorado.com also offers consumers mortgage resources, information about Colorado neighborhoods and cities, sold listings, open houses, and a comprehensive database of real estate professionals.
REcolorado is the largest Multiple Listing Service (MLS) in Colorado. With 18,000 professional members who operate throughout the state. It is REALTOR® owned and serves Aurora Association of REALTORS®, Douglas Elbert REALTOR® Association, Denver Metro Association of REALTORS®, Mountain Metro Association of REALTORS®, and South Metro Denver REALTOR® Association.