According to REcolorado, Colorado’s largest MLS,the housing market in the Denver metro area experienced higher inventory levels over November 2014, with a 6% increase. However the market is still 21% lower than November 2013.
November ended with 6,954 active listings on the market, 5,651 of which were single family homes and 1,303 attached properties. Sellers contributed 3,686 new listings came on the market, 15% higher than November 2014.
Months of inventory in the market was slightly over two months in November. This is the highest level of inventory in Denver so far in 2015, but still under than the national average. A two month availability of supply indicates that we are still in a sellers market.
The increase of home prices did leveled off a bit from it's rapidly increasing pace from earlier in 2015. The average sold price for a single family home in the Denver metro area was up 2% from October at $367,992 for November. Home prices are 12% year over year.
In November, sales of single family homes decreased 27% from October, with a total of 3,378 sold. This is down 16% year over year and is in alignment with the typical housing trend over a calendar year, we do see a bit of cooling in the fourth quarter. Those homes on the market in November, were on the market for an average of 30 days, which is 3 days longer than we saw homes on the market in October.
These Denver real estate market statistics and graphs for the end of November 2015 are from the Denver MLS. They do not reflect real estate transactions that took place off market or outside of the Denver MLS.