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Denver Experiences Sharp Drop In Housing Inventory In December
According to the December Market Trends Report from the Denver Metro Association of Realtors (DMAR) the inventory of homes and condos available for sale in metro Denver plunged 27.9% from November to December, which set a new record for a monthly decline.
In a press release accompanying the report, Jill Schafer, chairwoman of the DMAR Market Trends Committee said that the main reason we saw fewer choices was not that more homes were going under contract or selling, but because nearly 30% fewer new listings came on the market in December compared to the month prior.
DMAR says that normally the housing market cools off during the holidays, with a typical drop in the inventory of homes and condos for sale just under 12%. So this year’s 27.9% drop was a huge jump from the industry normally sees.
The report also indicated metro Denver ended the year with 5,037 active listings, down 9.7% from December 2018 and only 41% of the 30-year average of 12,941 active listings at the end of December.
In the press release, Schafer noted that it would take only 1.13 months to sell all single-family homes available at the end of December and 1.37 months to sell all condos in the Denver area. For buyers to have a market in their favor, that time would need to get closer to four months, she said.
Increasing home prices aren’t helping the situation as many buyers can’t afford the homes that are available. DMAR data shows that metro Denver home prices rose to new highs in 2019, although the percentage gains were more muted than those of prior years. The median price of a single-family home sold in December was $450,000, up 4.65% from December 2018. The median price of a condo sold last month was $308,788, up 3.6% from December 2018.
While inventory numbers are on the low side, there are still great deals to be found in the Denver metro area, especially if you’ve got a pro on your side who knows where to look. Contact Metrowest today – we’d love to show you around!
Brian Baczewski has been a student of the Colorado Front Range Real Estate market for the last decade. Prior to joining Metrowest Real Estate Brian Baczewski was a project manager for a national....
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According to the December Market Trends Report from the Denver Metro Association of Realtors (DMAR) the inventory of homes and condos available for sale in metro Denver plunged 27.9% from November