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Housing inventory continues increasing despite typical seasonal decrease, home prices fall and sales of single-family homes priced over $500,000 drop in September.
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In September, housing inventory continued to move higher, even though it typically decreases this time of year, and home prices dropped nearly 5 percent since its record-peak highs this past May and June.
"The housing inventory and home price adjustments are normal and expected," said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Metro Denver REALTOR®. "What's not normal? Sales of single-family homes priced over $500,000 dropping 33 percent from August to September. For those sellers, that's real turbulence."
Looking deeper in the numbers, active listings in the residential market (single-family and condos) finished September at 8,807 total units, up a significant 16.10 percent year over year. The condo segment remains strong, up 21.13 percent year over year. The number of sold listings in the residential market decreased 28.91 percent compared to month prior, and 20.24 percent from last September. Year to date, 42,990 homes have sold - down 3.04 percent from 2017.
The condo market saw a healthy uptick in average days on market, increasing to 24 days compared to 20 last September. The most active price segment for the single-family market in September was the $300,000 to $399,999, and $200,000 to $299,999 for condos.
According to Danyliw, "More signs of cooling can be seen with months of inventory increasing to 2.33 months for single-family homes in September compared to 1.68 months the month prior, and increasing to 1.93 months for condos compared to 1.48 months in August."
In looking at the single-family home market, the average sold price decreased 3.79 percent month over month to $502,034, while the median price decreased 2.73 percent to $428,000. The year-to-date average sold price stands at $523,224 for the single-family home market, up 9.16 percent from last year, with the median sold price at $445,000, up 8.54 percent. Condos continue to outperform single-family home prices with the average sold price of $350,766, representing an 11.38 percent increase over 2017. The median price of condos sold also increased by 12.34 percent to $299,900.
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As home prices have continued to rise across the country, so has home equity. If you're looking to sell your house and move up to your dream home, right now is a great time to use your equity to do so. Let's get together today to go over how much equity you have in your house right now!
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| Home Equity by the Numbers |
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Some of Our Current Red Door Group Listings!
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| $800,000 |
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Country Charm Meets Mid-Century Modern! This incredibly unique property boasts extensive recent renovations on more than an acre only
minutes from I25 and C470! In 2015, this home was given a massive make over to bring it into the 21st century, while keeping vintage details
to preserve it's mid-century roots! Work included new doors, windows, HVAC, sub-floors, drywall, wiring, insulation, plumbing, and even a new septic system! In 2018, the home and outbuildings all got a new roof and the interior was painted and exterior cedar was refinished. So, all that's left to do is kick back and enjoy an afternoon on one of the back patios while the soothing trickle from the water feature melts your worries away. Or spend the evening snuggled by your outdoor fireplace. Or commune with nature in your vegetable garden and potting shed. Or work on projects out in the detached garage and workroom. Whatever your pleasure, you can truly have it all at this special home.
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| 15448 Navajo Street, Broomfield, CO - For Sale |
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$1,695,000 |
Magnificent mountain home with million-dollar views! This spacious house has floor to ceiling windows to see the stunning view of the city along with the forest and wild life that surrounds the property. Gourmet kitchen with a huge granite island, farmhouse sink, and 6 burner gas stove. Gleaming wood floors are warmed by whole house radiant heat. Plenty of room for guests, currently sleeps 13. The house was designed to give you all of the comforts of a luxury home, yet also meets the needs of a mountain property with a large mud room, attached garage, & propane piped directly to outdoor grill. The sweeping views from the deck are truly breathtaking as the city lights begin to twinkle as evening approaches. Detached 4 car garage holds the included tractor for snow removal, 2 ATVs, & much more! If you've been waiting for a luxury mountain home that isn't far from Denver, come see this one soon.
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| Colorado Mountain Home with Magnificent views 19052 Timber Falls Trail, Littleton, CO 80127 |
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| $650,000 |
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Wonderful and spacious home located in the beautiful Vista Pointe neighborhood, right in the heart of Erie Colorado! This residence is perfectly situated on an over-sized home-site on a quiet culdesac. Living here, you will love the sunny gourmet kitchen, complete with large center island and tech desk area, double oven, tons of cabinets, and pantry. The upper level has 5 bedrooms and includes a great master suite, with private balcony that faces west with mountain views, and coffee bar area. The main level has a study, family room with cozy fireplace, and a formal living and dining area. The backyard is the perfect getaway to play, and the over-sized 3 car tandem extended garage is a great area to work on a hobby, or use for extra storage. Additional new bedroom and bathroom are in the full basement. This is a great home!
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$360,000 |
This beautiful one of a kind home features breathtaking mountain views along with an amazing view of the 14th hole fairway and green on Coyote Creek's well maintained 18 hole golf course. This gorgeous ranch was recently renovated in the Summer of 2015 which includes; hickory wood floors, 42" alder shaker cabinets with crown molding, custom travertine backsplash from counter to ceiling, granite countertops, stainless steel appliances and hood vent. With a full size 1300 Sq Ft basement, there is plenty of room for future expansion. Only 5 minutes away form High Way 85, and within walking distance to local restaurants, brewery and shops, make this your new home and join this wonderful growing community!
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