Denver home prices steady, some sellers on sidelines
Downtown Denver. Flickr image coutesy of Eric Kilby .Metro Denver heads into the prime summer season with fewer available homes on the market. The monthly inventory of unsold homes in May declined 11.1 percent year-over-year to 19,573 units. The number was virtually unchanged from April, which recorded the lowest level of inventory in nearly a decade.
The number of unsold homes per month has remained below 20,000 for six-straight months, a sign that homeowners are sitting on the sidelines because they can't or don't want to sell their properties.
This report highlights real estate market statistics and trends in the Denver metro area and includes a chart with detailed market data and commentary from local real estate professionals.
The median sales price of a home in the Denver metro area in May held steady at $230,000, unchanged from a year ago, according to the latest numbers from Metrolist Inc. Sales declined 14.5 percent year-over-year.
The statistics reflect a steady housing market experiencing relatively flat housing prices as well as a below-average monthly inventory of homes for sale. Distressed property sales represent more than a third of the Denver housing market.
Metrolist reported home sales totaled 3,732 in May compared to 4,365 during the same period in 2010. Pending sales, or those under contract, totaled 4,777, up 23 percent year-over-year. There were 19,573 active listings, down 11.1 percent from May 2010. The average number of days on the market jumped 44 percent, to 108 days from a year ago.
In a separate report, Re/Max said May home sales fell 19.6 percent to 3,328 transactions, while the median sales price remained unchanged at $210,000. The active inventory tumbled 30 percent to 18,617 year-over-year. The average days on the market rose 29.3 percent to 97 days from a year ago. The region had 4.2 months of inventory at the May sales pace.
Denver home values hit a 25-month low in March and were down 14 percent from their peak in August 2006, according to the S&P/Case-Shiller Home Price Index released in May, with values falling back to 2001 levels.
However, the index reveals that Denver experienced a relatively narrow swing in prices over the past decade, escaping the kind of steep declines seen in some other major U.S. metropolitan areas.
A Federal Housing Finance Agency index shows similar results. The agency's Housing Price Index reported first-quarter prices in the Denver region dipped 1.4 percent from the same three-month period in 2010. That compares to a 3.1 percent drop nationally and 2.5 percent decline statewide.
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The statistics reflect a steady housing market experiencing relatively flat housing prices as well as a below-average monthly inventory of homes for sale. Distressed property sales represent more than a third of the Denver housing market.
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