REcolorado: home market cools in August

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Highlights:

  • REcolorado releases its August report.
  • REcolorado is Colorado’s largest MLS.
  • August showed a typical seasonal dip, REcolorado’s data shows.
REcolorado snapshot of the Denver area housing market.

REcolorado snapshot of the Denver area housing market.

The Denver-area home sales market showed a typical seasonal downturn in August, according to a report released today by REcolorado.

Home prices dipped, the number of sold properties decreased and homes lingered on the market a bit longer, according to the report by REcolorado, the state’s largest Multiple Listing Service, with 18,000 members.

By the numbers, REcolorado’s analysis of the market in August found:

  • There were 9,144 active homes on the market, a 4 percent drop from the 9,560 in August 2014, but a 2 percent gain from 8,967 in July.
  • There were 6,932 new listings on the market, a 14 percent increase from the 6,102 in August 2014, but an equally large drop from the 8,072 in July.
  • Some 7,034 homes were placed under contact, a 7 percent jump from 5,506 in August 204, but a 2 percent drip from 7,154 in July.
  • There were 5,154 sales, a 6 percent drop from the 5,506 in August 2014, and a 9 percent drop from 5,691 in July.
  • The average sold price was $363,625, an 11 percent gain from $327,925 a year earlier, but a 1 percent drop form $365,663 in July.
  • The median sales price was $315,00, a 15 percent year-over-year increase from $275,000 in August 2014 and a 1 percent increase from $312,000 in July.
  • Homes spent an average of 21 days on the market last month before being sold, a 28 percent drop from 29 days a year earlier, but an 11 percent gain from 19 days in July.
REcolorado shows the average price of homes in the Denver-area market.

REcolorado shows the average price of homes in the Denver-area market.

The average price for a single family detached home was $405,863 in August and the average price of a condo/townhome saw an average sale price of $257,048.

“The Denver area saw a strong summer selling season, thanks to low interest rates, increasing employment and confident consumers,” said Kirby Slunaker, president and CEO of REcolorado.

“The slight slowing of the housing market, coupled with moderating prices and an increase in new listings that came on the market in August will offer buyers more choices as we head into fall,” Slunaker said.

At the end of August, there was an 8-week supply of unsold homes on the market, according to REcolorado.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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