November home supply rises, REcolorado reports

Highlights:

  • REcolorado releases November report.
  • Active homes up for 3rd consecutive month.
  • Home prices up double digits from a year ago.
Snapshot of Active Listings. Source: REColorado.

Snapshot of Active Listings. Source: REColorado.

The number of active listings in the Denver area rose by 6 percent in November from November 2014, according to a report released on Thursday by REcolorado.

November marked the third consecutive month that the number of active listings, or the homes on the market, rose on a year-over-year basis.

Until September, when the number of active listings rose by 1.75 percent on a year-over-year basis, homes had been mired at  record low levels for almost two years. The Denver Metro Association of Realtors, also released a report on Thursday that showed a similar trend.

In October, active listings were up by 7 percent from October 2014, REcolorado, the largest MLS in Colorado, reported.

The increase in supply is welcome, said Kirby Slunaker, president and CEO of REcolorado.

The biggest percentage gain in active listings was for condos and townhomes.

The were 1,303 active listings of attached homes on the market last month, an 11.3 percent increase from 1,171 in November 2014.

By contrast, there were 5,651 single-family homes on the market last month, a 5 percent increase from 5,377 in November 2014.

Also, 3,686 home, townhome and condo listings were added to the market last month, a 15 percent jump in from the 3,204 in November 2014.

The number of homes placed under contact last month rose 12.9 percent to 5,110 from 4,525 in November 2014.

The number of home sales, however, dropped 16.1 percent last month to 3,378 from 4,029 a year earlier.

Months of Inventory inched up slightly to just over two months in November, which Slunaker noted is “higher than we’ve seen this year,” but still lower than the national average.

By most metrics, however, the market showed a typical seasonal slowing from October.

Snapshot of average home prices through November.

Snapshot of average home prices through November.

“As the winter weather moves in and thoughts turn toward the holidays, the housing market typically sees a month-over-month cooling trend during the fourth quarter,” Slunaker said.

“Home prices remain at the peak levels we saw this summer; however, they have leveled off in the last six months,” Slunaker said.

”The market is showing signs of moderating, which is an encouraging sign for home buyers,” according to Slunaker.

The average price of all homes sold last month was $367,992 up 12.2 percent from $327,961 a year earlier. Prices were up about 2 percent from $361,867 in October.

The median sold price last month of $312,250 was 12.7 percent higher than $272,000 in November 2014, and up about 1 percent from $308,990 in October.

The average price of a single-family home sold last month was $401,005, up 10.98 percent from $361,318 in November 2014.

The median price of a sold single-family home last month was $339,000, up 9.35 percent from $310,000 a year earlier.

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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