In figures just released for September home sales in Denver, Metrolist, the Denver multilist reporting agency,shows a decline in home sales. However, in a separate report, Land Title statistics show average home prices continued to rise in third quarter especially in the south suburbs.
As recently as last week, the national Case-Shilling home sales report indicated that Denver home sales had been increasing since March. But, that study could not include this most recent data.
In fact, this is a further decline in under-contract sales from August which is traditionally one of the slowest months for home sales in Denver. The only silver-lining in this cloud over real estate sales is for buyers. Market-wide average sold prices softened from the previous month by 7% and from the year ago period a more significant 1.1%. That does not mean the average price of a home dropped but rather that the overall mix of homes sold were at that lower price point. Rising prices in the south suburbs (see Land Title report above) improved compared to the overall market. The south suburbs generally have higher priced homes.
Here is the September, 2007 Denver Home Sales Data from Metrolist, Denver’s MLS:
|Sep 07||Prior Month|
|Single Family (Res + Cond)|
|Avg Days on Market||101||7.53||-0.68|
|Avg Sold Price||$278,615||-6.65||-1.60|
|Avg Days On Market||100||8.70||5.26|
|Avg Sold Price||$305,459||-7.38||-1.11|
|Avg Sold Price||$181,458||-0.70||-5.00|