The Denver metro housing market continues to post strong gains over a year ago, according to Metrolist data from September — although the numbers indicate a loss in most categories over August of 2013.
The number of homes and condos under contract this September is up significantly (18% for single-family homes; 28% for condos) over last year, as are sold properties (18% and 20%). However, when compared to the month before, which is typically a stronger selling month, those numbers fell anywhere from 16% to 19%.
Similarly, average sales prices were up over last September (8% for single family homes; 12% for condos), but the prices for single-family homes dipped 4% September over August (condo sale prices rose 6%). The average price for a single-family home was $331,400 in September, while condos sold for an average of $208,400.
Experts predict that the trend of rising prices will moderate in the coming weeks. “I expect the average sold price to flatten out over the winter months rather than plummet.” Kirby Slunaker , CEO and President of Metrolist, told Denver Business Journal.
Meanwhile, the time it takes to sell a home in the Denver area is a little over one month. Single-family homes spent an average of 39 days on the market, while condos took an average of 37 days to sell. That represents a major gain over 2012, with single-family homes selling at a 39% faster rate and condos at a 42% faster rate.
In sum, the news overall is excellent for the Denver housing market.
“Prices are stabilizing, competition for new listings remains, and inventory increases seem to be steadying the local market overall,” Slunaker told the Journal. “All of our data points to a healthy market, which leads us to believe we are experiencing a true housing market recovery.” .
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