- Colorado Association of Realtors, or CAR, released August report.
- CAR report includes statewide data and Denver metro statistics.
- CAR shows gains YOY, but seasonal drop from July.
There were 8,091 single-family home sales in Colorado in August, a 5.7 percent increase from August 2014, according to a report released on Monday by the Colorado Association of Realtors.
The statewide figures handily beat the 0.3 percent year-over-year increase in single-family home sales in the Denver area, according to CAR.
CAR statistics show that there were 4,031 single-family home sales last month in the Denver area, compared with 4,019 in August 2014.
On a month-to-month basis, sales in the metro area dropped 11.3 percent from July, when 4,544 homes closed, reflecting a typical seasonal slowing.
Closings in the Denver area peaked in June, with 4,727 sales.
There were 1,612 condo and townhome sales in the Denver area in August, a 8.4 percent increase from the 1,487 sales in August 2014.
Statewide, there were 2,566 townhome and condo sales last month, a 6.5 percent increase from 2,410 a year earlier.
Across Colorado, there were 23,504 active single-family home listings on the market in August, a 23.3 percent drop from the 30,504 available in August 2014 and a record low for an August.
Statewide, there also were 5,422 unsold townhomes and condos on the market, a 27.8 percent drop from the 7,514 available in August 2014.
That translates into a 3.4-month supply of unsold single-family homes in August, which compares with a 3.7-month supply of unsold homes in July.
For townhomes and condo, there was 2.5 months of inventory on the market across Colorado last month, compared with 2.7 months in July.
A market with 3 to 5 months of inventory is considered balanced between buyers and sellers.
The Denver-area housing market is tighter than it is statewide.
There was a 2.2-month inventory of unsold single-family homes on the Denver-area market in August, compared with 2.3 months in July.
For townhomes and condos, there was a 1.3-month supply of unsold homes. That last time it was lower was in April, when there was a 1.2-months supply.
Statewide, the median sales price of a single-family home was $307,200, up 10.5 percent from $277,900 in August 2014.
However, the median price of a single-family home sold and closed last month was down 0.9 percent from $310,000 in July.Prices peaked at an all-time high of $316,000 in June.
Condos, statewide, had a median sales price of $220,00, a 15.8 percent increase from $185,500 in August 2014. Condo prices were up 2.18 percent from $215,300 in July.
In the Denver area, the median price of a single-family home closed was $345,000, up 11.6 percent from $309,175 in August 2014. Prices were down slightly from $347,000 in July. The median price in the Denver area for a single-family home peaked in June a record $357,500.
For condos and townhomes, the median sales price in the Denver area was $215,000, unchanged from July, but up 17.8 percent from $179,550 in August 2014.
The average price of a single-family closed was $404,402, marking the fifth consecutive month prices had topped $400,00.
The average price of a single-family home sold in August was up 10 percent from $387,759 in July, but down slightly from $407,326 in July.
The all-time record was set in June, when the average price hit $414,768.
The average price of a condo and townhome sold last month was $255,882,up 16.2 percent from $221,113 a year earlier, but down slightly from $256,469 in July.
The metro area includes the counties of Denver, Jefferson, Adams, Arapahoe, Broomfield and Douglas.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.