Inventory of Denver Homes for Sale Increases for Second Consecutive Month as the Market Sees Seasonal Cooling
GREENWOOD VILLAGE, CO – August 4, 2016 – According to the latest data from REcolorado, the provider of REcolorado.com, a home search site for Colorado home buyers, sellers and renters, July saw another welcome increase in the number of homes for sale in the Denver Metro and surrounding area, while prices decreased month over month – both welcome signs for buyers.
Sellers continued to bring new listings to the market, but at a slower pace than last month. Still, July ended with 8,859 listings of homes for sale, which was 10 percent higher than last month and just one percent less than this time last year. Throughout the month, 7,483 new listings came on the market, nine percent less than last month and seven percent less than last year. The supply of inventory for the Denver metro and surrounding area inched up to approximately seven weeks.
Although average sale prices saw month-over-month decreases, they are still up year over year. In July, the average sale price of a single family home was $408,406, down 2 percent as compared to last month, but 12 percent higher than last year. The average sale price of a detached home was $453,637, while condos/townhomes saw $285,062 as their average sale price.
reprinted from REColorado
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