According to REcolorado, the rise of the inventory of homes in metro Denver has once again been outpaced by price appreciation.
The number of active listings (including detached single-family houses, attached condominiums, and townhomes) increased by 6 percent to 6,954 in November, compared to 6,548 last November.
Home For Sale Real Estate Sign in Front of Beautiful New House.
The increase in available inventory is welcome news in a market where the available homes for sale have been scarce for all of 2015, but the supply is still far from bringing balance back to the market.
Months of inventory increased to just over two months in November, higher than it has been all year, but still lower than the national average.
Six months of inventory is considered a balanced market.
Looking at month-over-month data, however, shows a dramatic drop in the number of homes on the market.
There were 6,954 homes on the market in November, which is a 19 percent decrease from the previous month, when there were 8,563 homes available. This shift could be due in part to seasonal slowing in the overall residential real estate market, with fewer homeowners putting their homes on the market heading into the holiday season.
Price gains were less dramatic month-over-month, with a 2 percent increase in the average price of a home from October to November.
Detached single-family house prices over the month stayed statistically flat, increasing from $400,104 in October to $401,005 in November.
Average condo prices climbed 8 percent to $284,476 in November from $263,462 in October. Condo prices are up 18 percent year-over-year, from $240,487 last November.
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