“With inventory levels increasing slightly as compared to last year and homes staying on the market a bit longer, this fall is a great time to buy a home,” said Kirby Slunaker, president and CEO of REcolorado. “After peaking this summer, we’ve seen average sale prices flatten—a trend I expect to continue over the winter months.”
Compared to last year at this time, there is about 6% more inventory to choose from on the market, and homes are sitting a bit longer, giving buyers back a slight competitive advantage. But pricing remains key to selling a home quickly. Homes that offer extraordinary design, finishes, updates and amenities that are ALSO priced right are still the subject of bidding wars. Homes that are overpriced can end up on the market much longer, giving buyers more bargaining power in what is still a strong seller’s market.
The average price of a single-family Denver home in that sold in October 2015 was $423,687, up from $382,828 in October 2014 — that’s an 10.7 percent increase from last year. Bonnie Brae, Belcaro and Cory Merrill sales ended October with decreased number of sales from the previous month. 25 houses sold in September, and 12 sold in September. The Average Sold Price from the last three months dropped slightly from $790,960 to $753,930.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.