CAR: Home sales, prices up YOY

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Highlights:

  • 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.
The Colorado Association of Realtors, or CAR, released its August report.

The Colorado Association of Realtors, or CAR, released its August report.

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.

A snapshot of home sales in the Denver area.Source: CAR.

A snapshot of home sales in the Denver area.Source: CAR.

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 historical snapshot of months of inventory in the Denver area. Source: CAR.

A historical snapshot of months of inventory in the Denver area. Source: CAR.

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.

A historical snapshot of median heme prices in the Denver area. Source: CAR.

A historical snapshot of median heme prices in the Denver area. Source: CAR.

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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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