Metro Denver’s housing market appeared prefer it had regained its footing in October after stumbling in September. However final month, residence sales hit one other icy patch, based on the monthly market trends report from the Denver Metro Association of Realtors.
There were 2,628 single-family houses bought in metro Denver last month, a decline of 17.6 % from October and 23.9 % under November 2017. The variety of condos bought came in at 1,104, a decline of 16.6 % month-over-month and 22.9 % from yr-ago ranges.
In contrast to September, when sales fell and inventories rose, fewer houses have been listed available on the market, an indication that sellers could also be pulling away in addition to consumers, who’re dealing with larger mortgage charges which have lowered what they will afford.
November and December could be tough months to determine. In November of 2017, house and apartment sales have been down about 13.5 % and the availability of listings dropped 18.7 % in metro Denver.
Sellers have a tendency to tug again around the holidays, and they are undoubtedly doing so this yr. Added to the combination this yr is a much more risky stock market, which is perhaps signaling slower economic progress in the months ahead.
The stock of houses and condos obtainable on the market at the end of November dropped eleven.8 % from the rely on the finish of October to 7,530. Compared to November of final yr, the inventory is up an enormous 46.7 %.
The median worth of a single-family residence bought in November dropped 1.82 % to $427,000 over the month, however stays up four.9 % over the yr. The median worth of a apartment bought in November was $299,450, up 0.15 % from October and up 9.71 % from November of 2017.
“I feel everyone agreed that the downward shift out there that began mid-yr continued in November,” Jill Schafer, chair of the DMAR market tendencies committee, stated in the report.