November housing statistics show continued strength. – Denver Real Estate Market Update

by | Nov 12, 2013 | Blog, Denver Real Estate Market | 0 comments

Denver housing statistics show continued strength

Home prices were up substantially in November 2013 over the same time the previous year, reflecting continued positive news for the Denver housing market.

Denver’s Metrolist recently released November statistics about the local housing market. They show gains over November 2012 in many categories.

Home prices, for example, were up 10% over November 2012, with the average home selling for $335,900. Condos showed gains of 6%, with the average condo selling for  $204,900.

On another positive note, homes and condos spent significantly fewer days on the market than they did a year ago: 24% less for homes (which spent an average of 50 days on the market) and 29% for condos (which spent an average of 44 days on the market).

On the down side, particularly for buyers, November posted a large decrease in inventory, as home listings were down appreciably over last year. Metrolist counted 5,900 homes listed on the market in November, a 55% drop from the same time a year ago. Condo listings (1,500) dropped 57% over 2012.

Sales demonstrated mixed results. The number of sold homes in November dropped 4% over last year. Condos, however, showed a 14% rise over last year.

While inventory is an issue, taken as a whole, the statistics indicate a thriving market that has recovered solidly from the housing crash of 2008.

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RE/Max of Cherry Creek, your Denver metro real estate agents.

 

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