According to a report, the median price of a house or apartment sold by the Denver subway fell for the second consecutive month in August, and the price has now returned to the level of April. Monthly update of the Denver Metropolitan Association of Realtors.
The median price of single-family homes sold on the Denver Metro in August was US$581,000, a decrease of 3.15% from July, and a decrease of US$19,000 from the record high price of US$600,000 set in June. The median price of apartments and townhouses sold in August was $375,000, a drop of 1.3%.
This year, the increase has remained strong, with the median sales price of houses and apartments rising by 16.3%.
Sales of houses and apartments were down 9.6% from July and down 15.1% year-on-year. The time to market has also risen from 9 days in July to an average of 11 days in August. Eleven days is still a very fast market, but the volume is not as crazy as we saw earlier this summer.
“The transition from July to August always feels like a huge shift. As the school year and fall preparations begin, the holidays gradually slow down. Traditionally, this has led to a seasonal slowdown in real estate,” DMAR Market Trends Committee Chairman Andrew Abrams said in his comments in the monthly market trends report.
The hot Denver subway real estate market in 2021 seems more and more likely to reach its peak in June and is now falling. However, after listed inventories rose in June and July, they began to tighten in August. If this reversal continues, it may limit future price declines and buyers’ bargaining power may increase.
Between July and August, the number of active listings fell by 11.7%, which was several times higher than the average drop of 0.46% in the two-month period in history. At the end of August, there were 2,469 single-family homes on the Denver subway market, down 25.3% year-on-year; 1,113 apartments and townhouses were listed, down 49.2% from last August, when buyers prioritized “social distance”. Family preference.
The number of available listings in August hit a record low, the supply fell, and the number of new listings fell by 14.6%, from 7,154 in July to 6,109 in August.
Abrams said that so far this year, the number of home sales in downtown Denver is $5 billion higher than in the same period in 2020.