DENVER – The seasonal slowdown in the real estate market led to slightly lower home prices in metro Denver last month, according to the latest numbers from the Denver Metro Association of Realtors.
The median price of all homes that sold in the area in November was $375,000, down from $380,000 in October , according to DMAR. Single-family homes saw the biggest drop, falling to $405,000. The median condo price was $272,000.
While lower prices are likely a welcome sign to some people, the larger trend continues its upward climb. Compared to the same time last year, the median home price has increased by 8.31 percent. DMAR reports the median sold price was $348,625 in November 2016.
A factor that continues to drive up prices in metro Denver is the incredibly low inventory. The number of active listings was once again down in November for a new record low of 5,131 for the month. That’s nearly 19 percent lower than in October and nearly 8 percent lower than the same time last year.
That low inventory means prices will continue to rise, overall.
“To ease inventory, we need homebuilders to deliver us a present by building more homes, and we need a slower pace of people migrating to our state,” said DMAR Market Trends Committee Chairman Steve Danyliw. “Tight supply and strong demand should continue to move prices higher, but at a slower rate from the last three years.”
Danyliw said inventory typically decreases through about February, so buyers can expect slim pickings until then. Last February saw an all-time record low of just 3,878 active listings in the metro area.