The median price of a home or condo sold in metro Denver fell for a second month in August, and prices are now back to levels seen in April, according to a monthly update from the Denver Metro Association of Realtors.
The median price of a single-family home sold in metro Denver in August was $581,000, which is down 3.15% from July and off by $19,000 from the record high price of $600,000 reached in June. The median price of condos and townhomes that sold in August was $375,000, down 1.3%.
On the year, gains remain robust, with the median sales price for homes and condos up 16.3%.
Home and condo sales fell 9.6% from July and are down 15.1% on the year. The time that listings spent on the market also rose to an average of 11 days in August from 9 days in July. Eleven days still represents a very speedy market, but the turnover isn’t as frenzied as seen earlier this summer.
“The transition from July to August always feels like a big shift. Vacations slow down as preparations for the school year and fall begin. Traditionally, this leads to a seasonal slow down in real estate,” said Andrew Abrams, chairman of the DMAR Market Trends Committee, in comments included with the monthly Market Trends Report.
Increasingly, it seems likely that the super-hot metro Denver housing market of 2021 may have hit its peak in June and is now moving lower. But the inventory of listings started tightening against in August after rising in June and July, a reversal that if it continues could limit future price declines and the bargaining power buyer’s might gain.
The number of active listings fell 11.7% between July and August, which is several-fold higher than the 0.46% decline averaged between the two months historically. There were 2,469 single-family listings on the market at the end of August in metro Denver, down 25.3% over the year and 1,113 condo and townhome listings, which is down 49.2% from last August, when buyers prioritized “social distancing” in their home preference.
Available listings reached a record low for August and the decline in supply tracks with a 14.6% drop in new listings, which fell from 7,154 in July to 6,109 in August.
So far this year, the volume of metro Denver home sales is running $5 billion ahead of where it was over the same period in 2020, Abrams said.
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September 04, 2021 at 12:05AM
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Denver home prices drift lower for a second month from peak hit in June - The Denver Post
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