Denver Metro Association of Realtors Reports Increase in Total Number of Homes on the Market in June
The Denver Metro Association of Realtors (DMAR) has reported that listings continue to rise in total numbers throughout the metro Denver area. The number of homes and condos available for sale at the end of June was 9,529, an increase of 7.1 percent from May and up 28 percent from June 2018.
Despite lower borrowing costs, buyers fell short when it came to absorbing new inventory, even in the most affordable segment of the market. Buyers purchased 5,234 single-family homes and condominiums last month, a decline of 14.31 percent from May and 14.34 percent from June of last year. What has been the strongest segment of the market for demand, which is homes and condos priced under $500,000, experienced a 13.5 percent drop in sales in June.
The number of homes on the market is the highest since October 2013, according to DMAR. The inventory remains below the historical average for June of 16,577. The median price of a single-family home sold in June was $465,500, down 0.11 percent from May and up 2.3 percent from a year ago. The median price of a condominium was $310,000, down 1.59 percent from May and up 1.64 percent from a year ago.
According to a local real estate consulting firm, Denver has experienced a five percentage point decline in its rate of increase, which was on a par with several other metropolitan areas from Florida to California. San Jose suffered the biggest reversal, going from a growth rate of 20 percent a year ago to a six percent decline.
Listings in the metro Denver area spent an average of 23 days on the market in June, which is about a fifth longer than they did last year. Home sales prices in June were at 99.41 percent pf listed prices. For the first half of 2019, home and condo sales in metro Denver are down 2.8 percent compared with the same period a year ago. The number of active listings is up 28 percent and median prices are up 0.72 percent.