Wednesday, October 27, 2021

Denver area home sales fell in September, while inventory soared to record amounts

According to an update from the Denver Metro Association of Realtors, Metro Denver’s housing market continued to slump in September, with sales of homes and condos declining and the list of active listings in the market growing by a record monthly amount.

“In August, we saw a relatively small amount of homes on the market,” Andrew Abrams, chairman of the DMAR Market Trends Committee, said in the monthly Market Trends Report.

The number of homes and condos sold between August and September fell 10.9% to 5,233, a fifth less than the number sold in September 2020, when prices were lower and buyers desperate to find more living space due to the pandemic.

The decline in sales was accompanied by a 10.9% monthly increase in active listings, which was much higher than the 0.8% gain typically experienced between the two months and the record two months. But supply, at 3,971 active listings, remains historically tight.

Prices remained fairly stable from month to month, with single-family home prices declining, while condo and townhome prices rose.

The average price buyers paid for a single-family home in September was $575,000, down 0.86% from August. For the year, the average price is a strong 12.75%. For condos, last month’s average closing price was $380,000, an increase of 1.9% and an increase of 13.4% year over year.

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