Home News Metro Denver homes taking longer to sell, and prices continue to decline

Metro Denver homes taking longer to sell, and prices continue to decline

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Home sellers in the greater Denver area are starting to feel squeezed in ways they haven’t felt in a long time. Listings take longer to sell, discounts replace premiums, and buyers are demanding more.

For example, it took an average of 19 days for initial listing deals to close on July 13th and from June 10th to August. market trends report From the Denver Metro Association of Realtors.

“All of the major statistical categories point to market slowdowns,” said Andrew Abrahams, chairman of the DMAR Market Trends Committee, in comments accompanying the monthly report.

The number of store closures last month was 4,221, down 5.9% from July and down 30.2% year-on-year. At the end of August, he had 6,939 active listings, down 5.7% from July. This is partly seasonal and partly due to a decline in new listings. compared to a year ago 114.6% more single-family homes on the market Condominiums and townhomes increased by 47.4%.

monthly price drop Continued from July startThe median single-family home sales price fell 0.77% from July last month to $645,000, but remains up 11.2% this year. The median sales price for condos and townhomes fell 2.2% in the month to $400,000 and rose 7.8% for the year.

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