DMAR's September Market Trends report that the housing market is in a seasonal slowdown. The average price of a home in August was decreased by 2.75% from the previous month to $434,478, although this price is still over 8% higher when compared to the last year.
According to Steve Danyliw, Chairman of the DMAR Market Trends and Committee and Denver REALTOR, he says "housing numbers can be presented in ways to paint many different pictures. Overall I feel positive about this market even though we are transitioning towards something that looks mroe normal."
Danyliw also said, "looking at the glass as half full," year to date compared to 2016, the median price of a home has increased 8% and the average price of a home has increased as well to 8.35%. This record high year-to-date 38,553 properties that have sold, which is a 4.35% increase from last year. Although, days on the market for condominiums has had a substantial increase of 46.15% in August year over year.
Active listings in the residential market was at 7,360 total units in August, which is the similarly the same as the prior month. The number of listings sold decreased a percentage compared to the previous month. There is a note to be made here that the decrease in sold listings is close to a 10-year season decrease of 4.3%. Although the number of closings dropped over the past couple of months, the market remains ahead of last year with a year-to-date closings up 4.35% over 2016.