Metro Denver’s housing market seemed prefer it had regained its footing in October after stumbling in September. However final month, house gross sales hit one other icy patch, based on the month-to-month market traits report from the Denver Metro Affiliation of Realtors.
There have been 2,628 single-family properties offered in metro Denver final month, a decline of 17.6 p.c from October and 23.9 p.c beneath November 2017. The variety of condos offered got here in at 1,104, a decline of 16.6 p.c month-over-month and 22.9 p.c from year-ago ranges.
Not like September, when gross sales fell and inventories rose, fewer properties had been listed in the marketplace, an indication that sellers could also be pulling away in addition to consumers, who’re dealing with greater mortgage charges which have diminished what they will afford.
November and December might be tough months to determine. In November of 2017, house and apartment gross sales had been down about 13.5 p.c and the provision of listings dropped 18.7 p.c in metro Denver.
Sellers have a tendency to tug again across the holidays, and they’re undoubtedly doing so this 12 months. Added to the combination this 12 months is a way more risky inventory market, which is likely to be signaling slower financial progress within the months forward.
The stock of properties and condos out there on the market on the finish of November dropped 11.eight p.c from the rely on the finish of October to 7,530. In comparison with November of final 12 months, the stock is up a giant 46.7 p.c.
The median value of a single-family house offered in November dropped 1.82 p.c to $427,000 over the month, however stays up four.9 p.c over the 12 months. The median value of a apartment offered in November was $299,450, up zero.15 p.c from October and up 9.71 p.c from November of 2017.
“I believe everybody agreed that the downward shift available in the market that began mid-year continued in November,” Jill Schafer, chair of the DMAR market traits committee, mentioned within the report.