The Denver Metro Association of Realtors has released its monthly real estate report which highlights data from the month of November.
According to the report, a 21 percent decrease in home inventory from October to November in metro Denver was observed. At the end of November a total of 5,683 homes were on the market. This figure equates to a 5 percent increase in available homes compared to November 2014.
“Don’t be alarmed by the substantial decreases in market metrics last month including active listings, new listings, number of homes sold and overall sales volume,” said Anthony Rael, Chairman of the Denver Metro Association of Realtors Market Trends Committee. “While it’s good to be aware of how the market is shifting from month-to-month, it’s equally important to pay attention to the 12-month trends. With the job market’s recovery, we can expect to see a healthy real estate market continuing into 2016.”
A 34 percent decrease of new listings was observed in the condo market, but is up 25 percent when compared to November 2014.
During November 61 homes in metro Denver closed for a price over $1 million, a figure down 32 percent compared to October and down 3 percent compared to 2014.
“The number of luxury single family homes priced over $1 million may be down, but the average price is up,” said Nicole Rufener, member of the DMAR Market Trends Committee. “There is almost sixteen months of inventory in this price point which strongly favors the luxury buyer. If you have a luxury listing that is not moving, especially outside of Denver, it is time to look at price reductions to get it sold.”
The most expensive home sold in November was a $6.3 million property located in Eldorado Springs. The home features four bedroom, six bathrooms and 5,588 above ground square feet. Eldorado Springs is located just south of Boulder.
November’s priciest condo sold for $1.555 million and is located in Denver’s Cherry Creek North neighborhood. This property includes four bedrooms, four bathrooms and 3,434 square feet of above ground space.
“The price and days on the market cooled off from last month but are stronger than last year,” states Rufener. “There is about four and a half months of inventory, which favors the luxury condo sellers.”