Metro Denver’s housing market looked like it had regained its footing in October after stumbling in September. But last month, home sales hit another icy patch, according to the monthly market trends report from the Denver Metro Association of Realtors.
There were 2,628 single-family homes sold in metro Denver last month, a decline of 17.6 percent from October and 23.9 percent below November 2017. The number of condos sold came in at 1,104, a decline of 16.6 percent month-over-month and 22.9 percent from year-ago levels.
Unlike September, when sales fell and inventories rose, fewer homes were listed on the market, a sign that sellers may be pulling away as well as buyers, who are coping with higher mortgage rates that have reduced what they can afford.
November and December can be tricky months to figure out. In November of 2017, home and condo sales were down about 13.5 percent and the supply of listings dropped 18.7 percent in metro Denver.
Sellers tend to pull back around the holidays, and they are definitely doing so this year. Added to the mix this year is a much more volatile stock market, which might be signaling slower economic growth in the months ahead.
The inventory of homes and condos available for sale at the end of November dropped 11.8 percent from the count at the end of October to 7,530. Compared to November of last year, the inventory is up a big 46.7 percent.
Related Articles
-
Gaylord Rockies Resort was anything but a sure bet
-
Friday, Dec. 7, 2018 letters: Trump talked tower in Russia, Title IX, Uber, TABOR
-
Denver tried to bring Amazon HQ2 to RiNo, Broadway and three other sites
-
Fed-up California landlord and his tenants move to Colorado together
-
Slower sales and higher prices on tap for Denver housing market next year
The median price of a single-family home sold in November dropped 1.82 percent to $427,000 over the month, but remains up 4.9 percent over the year. The median price of a condo sold in November was $299,450, up 0.15 percent from October and up 9.71 percent from November of 2017.
“I think everyone agreed that the downward shift in the market that started mid-year continued in November,” Jill Schafer, chair of the DMAR market trends committee, said in the report.
