Denver Home Listings Continue To Decline - November 2011
A month ago I reported that Denver housing inventory was declining for mid-to-lower price range properties. The trend continues this month, but is especially true for condos, lofts, and townhomes under $300,000, which are approaching levels of scarcity in some areas.
This month's housing report shows Denver's single-family home inventory has dropped again, but in almost every price bracket across the board. Although single family home sales continue to decline, the primary contributor affecting this drop-off in inventory are those homeowners who've taken their properties off the market for the holidays. Fewer new listings being taken this time of the year is also a factor. With the decline in active inventory, even the highest priced homes are approaching more reasonable levels right now. Let's hope that trend continues.
In the condo, townhome, and loft sector, we're seeing results to be more of a mixed-bag. On one hand, inventory is extremely low under $300,000, but it's just the opposite above that price point. Far fewer condo sellers appear to be taking a break from the market this time of the year, as well. This is probably due to the stronger competition in many price brackets, but also because the 'inconvenience factor' when showing this type of property isn't quite as great.
Overall, a healthy supply of homes on the market is generally considered to fall somewhere between 4 and 7 months. For single family homes, that is now everything below the $500,000 mark. For condos, that only applies to those priced between $100,000 - $200,000.
The Denver real estate market is very dynamic and continues to exhibit some surprising twists and turns. Stay tuned till next month's report.
SINGLE FAMILY HOMES
Active Listing Inventory - Declining For Most Price Ranges
CONDOS, TOWNHOMES, LOFTS
Active Listing Inventory - Becoming Scarce Under $300,000
ACTIVE LISTING INVENTORY - HOMES & CONDOS
Homes And Condos At Their Lowest Levels - 5 Years Running
The charts above are based upon "averages." Some homes will sell more quickly, and others may take much longer. The actual results you experience is determined by 1) your price; 2) your location; 3) your appeal; 4) the marketing program of your real estate agent.
RULE OF THUMB BY PRICE RANGE:
- Sellers Market = less than 4 months supply of homes
- Balanced Market = 4 to 7 months supply of homes
- Buyers Market = over 7 months supply of homes
SEARCH ALL DENVER HOMES HERE
Average Home Prices Denver CO