Metro Denver’s housing market seemed prefer it had regained its footing in October after stumbling in September. However final month, dwelling gross sales hit one other icy patch, in response to the month-to-month market traits report from the Denver Metro Affiliation of Realtors.
There have been 2,628 single-family properties offered in metro Denver final month, a decline of 17.6 p.c from October and 23.9 p.c under November 2017. The variety of condos offered got here in at 1,104, a decline of 16.6 p.c month-over-month and 22.9 p.c from year-ago ranges.
Not like September, when gross sales fell and inventories rose, fewer properties have been listed available on the market, an indication that sellers could also be pulling away in addition to patrons, who’re dealing with greater mortgage charges which have decreased what they’ll afford.
November and December might be tough months to determine. In November of 2017, dwelling and apartment gross sales have been down about 13.5 p.c and the availability of listings dropped 18.7 p.c in metro Denver.
Sellers have a tendency to tug again across the holidays, and they’re positively doing so this yr. Added to the combo this yr is a way more risky inventory market, which is likely to be signaling slower financial progress within the months forward.
The stock of properties and condos accessible on the market on the finish of November dropped 11.eight p.c from the rely on the finish of October to 7,530. In comparison with November of final yr, the stock is up an enormous 46.7 p.c.
The median worth of a single-family dwelling offered in November dropped 1.82 p.c to $427,000 over the month, however stays up 4.9 p.c over the yr. The median worth of a apartment offered in November was $299,450, up 0.15 p.c from October and up 9.71 p.c from November of 2017.
“I believe everybody agreed that the downward shift out there that began mid-year continued in November,” Jill Schafer, chair of the DMAR market traits committee, stated within the report.