Denver housing market cools slightly in October

The fast-paced Denver housing market showed signs of slowing in October, with homes spending a longer time on the market and fewer properties selling than in the previous month.

According to the latest Metrolist statistics, homes spent an average of 36 days on the market in October versus 32 days in September. Condos spent an average of 30 days on the market compared to 26 days in September.

Meanwhile, sales were down <1% for houses and up 2% for condos from the previous month.

This doesn’t mean homebuyers can breathe easy, however. The market remains tight, with fewer homes on the market. Current listings are down 11% for homes and 8% for condos from September. The decrease is even greater compared to over a year ago, with 25% less homes and 12% less condos for sale in October 2014 versus October 2013.

“With inventory levels remaining tight in October, the market stayed nearly as competitive as it was during the summer selling season,” Kirby Slunaker, president and CEO of Metrolist, told the Denver Business Journal.

Home prices decreased by <1% over September to an average of $349,448; condo prices increased by 8%, to an average of $235,740.

Experts note that a slowdown is typical in the fall and may continue in the coming months.

“Seasonality will likely impact transactions as we enter the holidays, but demand remains strong for millennials looking to use the offseason to trade their high rent prices to purchase in the Denver area, as well as buyers who will continue to look for the home of their dreams,” Anthony Rael, chairman of the Denver Metro Association of Realtors Market Trends Committee, told the Denver Business Journal.