Metro Denver’s November Real Estate Statistics

The statistics for last month were released December 7th by Denver’s Metrolist MLS. The numbers show the inventory of unsold homes has declined steadily for the last 4 months and down 7.4% from the prior month. These numbers support the anecdotal evidence that sellers are waiting for better home prices and that the normal seasonal decline is also taking place. Therefore, the assumption may be made that sellers are withdrawing their homes from the market and, and simultaneously, refraining from listing them. January, after the holidays, typically sees an upswing in sales activity. The inventory of 27,530 homes is still up by 8% from November 2005. The number of homes sold in November was 3,565, down 13.7% from the prior month and down 3.8% from the same month in 2005.

The median price of single family detached homes has seen a steady monthly decline from July through September, except for an increase of $4,100 in October, and then a decline of $7,600 in November. Condo median prices experienced an increase of $3,750 from $152,000 in the prior month to $155,750.

The average days on the market for a seller’s home continued to hover, as it has in 2006, around the 100-day mark, but up from 103 days to 110 in November.

Summary for October:

Total of all homes:
Inventory 27,530
Homes Sold 3,565
Avg. List Price $285,441
Avg. Days on Market 110

Single family detached homes:
Inventory 20,392
Homes Sold 2,785
Median Price $240,000
Avg. Days on Market 103

Condos (condominiums and townhomes):
Inventory 7,138
Homes Sold 780
Median Price $155,750
Avg. Days on Market 134

Source: Metrolist, Inc.