While home resales in Denver declined in September, median sales prices for single family homes and condos and townhomes remain up nearly 4% year over year. Market activity for existing home sales for the Denver real estate market shows signs of softening. In a recent national survey, Denver was up 1.5% in a June to July change and was down only 2.9% year over year, July to July. With an average overall decline of 13.3%, Denver ranked 3rd of the 20 cities tracked per the S&P/Case-Shiller® Home Price Indices. All 20 cities tracked show an improvement in the annual rate of decline.
Combined residential sales volume, for September, including single-family homes, townhomes, condos and lofts was 3,846 properties, down 1.51% % from August’s volume 3,905. Temper this with the fact that sales are still down 9.82% from September of 2008, per Metrolist Inc., Denver’s Multiple Listing Service.
There were 5,228 homes under contract last month. This includes 4,029 single-family homes and 1,199 condos and townhouses. This is an overall decrease of 0.38% from August, but down only 0.78% from year-prior last September. From August, single family homes contracts are down 1.88% while condo and townhomes are up 4.99%. Year over year, single family contracts are down 5.04% and condos are up 16.86%.
In September, the Denver MLS had 19,834 homes for sale, a decrease of 1.93% from the prior month, down 17.09%, from 23,923, the same time last year. The average home sales price was $251,112, an increase of 0.04% from last months average price $251,008, up 4.88% from a year ago, $239,428. Denver homes remained on the market 96 days on average in September which is up 2.36% from August and down year over year at 0.27%.
Single-family home sales were 3,001 last month, down 2.12% from August and down 10.84% year-prior September. Houses sold for an average of $274,433 in September, a 0.17% increase from the prior month, and a 5.50% increase over the previous year price of $260,118. Median prices decreased from $227,000 to $225,000 but are up from $216,150 last year. These properties also stayed on the market up 2.13% for the same period, 96 on average, as the prior month but still down 1.05% from September 2008.
Sales for Denver townhomes, condos, and lofts hit 845 units, a 0.72% increase from August but a 6.01% drop from September, the year prior. The average sales price was $168,288, up 0.72% from the previous month, but increasing 3.91% the year over year period price $161,960. The median prices increased to $145,000 from last months $144,500 and up from $139,900 last year. These properties remained on the market 97 days, down 1.02% from August and down 4.90% same time last year.
The bulk of the market activity for single family home sales was less than $200,000 at 41.08%, 29.43% between $200,000 and $300,000, dropping to 21.96% between $300,000 and $499,999 and only 7.53% for $500,000 and up.
Market activity for condos was 73.59% for properties less than $200,000, 18.81% for properties between $200,000 and $300,000, 5.61% for the $300,000 to $400,000 range and only 1.99% for properties greater than $500,000.
The strength of the Denver real estate market continues to be evident in properties less than $300,000 in single family residences and less than $200,000 with regards to condos and townhomes. This seems to reflect the continued strength in the market generated by first time home buyers and possibly some move up buyers.
This data is based upon information from Metrolist, Inc. in Greenwood Village, CO. This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market.
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