Despite low inventory, September remained a strong selling season, particularly in the condo and townhome market.
Many key real estate metrics for metro Denver decreased in September, demonstrating a slowing down in the market as the busy summer season came to an end. According to the latest data from Metrolist, average sales prices in the metro area decreased by 3 percent from August to September.
However, year-over-year, average prices were up by 6 percent.
Home inventory continued its slide, with the number of available homes dropping by 7 percent in September. New listings are down 14 percent. The pace of home sales slowed by 14 percent from August to September and by 3 percent year-over-year in September.
Time on the market increased by two days to 30 days, 10 days fewer than in September 2013.
Condominiums and townhomes continued to sell quickly in September, with average time on market dropping to 29 days, compared to 47 days in September 2013. Average selling price for condos and townhomes increased by 13 percent year-over-year.
Be sure to follow us on Twitter where we share all kinds of articles and thoughts on real estate trends.