- Denver Metro Association of Realtors releases November report.
- DMAR report shows YOY increase in inventory.
- DMAR reports big jump in luxury condo sales.
Home buyers in the Denver area had a few more choices in November than a year earlier, according to a report released Thursday evening by the Denver Metro Association of Realtors.
There were 5,683 active listings on the market last month, up 4.85 percent from the 5,420 active listings on the market in November 2014.
This was the second consecutive month showing a year-over-year increase in active listings reported by DMAR.
A separate report released Friday by REcolorado showed a similar trend.
However, the number of active listings was down 20.6 percent from 7,156 October.
“Don’t be alarmed by the substantial decreases in market metrics last month including active listings, new listings, number of homes sold and overall sales volume,” said Anthony Rael, Chairman of the Denver Metro Association Realtors Market Trends Committee.
“While it’s good to be aware of how the market is shifting from month-to-month, it’s equally important to pay attention to the 12-month trends,” according to Rael.
The month-over-month detached single family home market saw a sharp drop of 39 percent in new listings, but was eight percent more than November 2014.
The condo market showed the supply of new listings decreased 34 percent over the previous month, but was up 25 percent year over year.
For the entire residential market, under contracts decreased by 17 percent (up 12 percent YOY), sold listings decreased 30 percent (down 11 percent YOY) and total sales volume dropped 29 percent to $1.23 billion from the previous month (down one percent YOY).
Meanwhile,, 3,374 new listings came on the market while 3,987 homes were placed under contract and 3,373 homes sold and closed.
The closed sales volume year-to-date is a record $18.5 billion, a 14 percent increase from 2014, which may be attributed to Denver’s economic growth in the last year.
There was less than a 2-months supply of unsold homes on the market last month.
In November 61 homes closed for $1 million or greater – down 32 percent October and down 3 percent year over year..
The closed dollar volume last month in the luxury segment was about $94.32 million, down 33 percent from October and up 3.7 percent from November 2014.
“The number of luxury single family homes priced over $1 million may be down, but the average price is up,” said Nicole Rufener, member of the Denver Metro Association of Realtors Market Trends Committee.
Indeed, 46 homes sold for an average price of $1.6 million.
“There is almost 16 months of inventory in this price point, which strongly favors the luxury buyer,” Rufener said.
Central Denver’s luxury inventory is more balanced with 6 months of inventory compared to Douglas County where there is more than double, with 13.7 months of inventory.
In the north, Broomfield County has even more choices for homebuyers with 15 months of inventory for homes priced over $1 million
The city core luxury market remains strong as we head into the holiday season.
“If you have a luxury listing that is not moving, especially outside of Denver, it is time to look at price reductions to get it sold,” Rufener said.
On the other hand, more luxury condos sold in November than in the previous month or year over year.
Fifteen condos sold for an average price of $1.2 million.
“The price and days on the market cooled off from last month but are stronger than last year,” Rufener said. “There is about four and a half months of inventory, which favors the luxury condo sellers.”
The highest priced single family home sold in November was $6.3 million for a 4-bedroom, room, 6-bathroom and 5,588 above ground square feet home in Eldorado Springs.
The highest priced condo sold in November was $1.555 million for a 4-bedroom, 4-bathroom, 3,434-square-foot home in Cherry Creek North.
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