August 2018 Housing Market Statistics
Home sales remained level in the Greater Metro Denver Area in August compared to last month. Year to date sales are only 1% lower than this time last year. Average sold price, new listings, and days on market are all up compared to last year.
In August, 5,455 homes sold, 5% lower than last year and flat as compared to last month. Year to date, sales are only 1% lower than this time last year.
There was also a decrease in the number of homes going under contract. Throughout the month, contracts were placed on 5,297 homes, a 3% decrease from last month.
Home Sales Year-Over-Year Change
August 2017 -- 5,731
Average home prices saw a decrease for the second consecutive month. In August, the average sale price of a single-family home was $473,115, 1% lower than last month. As compared to August 2017, home prices are up 9%.
The average price of a single-family detached home was $523,018, up 9% year over year. Prices of condos/townhomes were also up 9% from last year, at $345,674.
Sold Prices Year-Over-Year Change
August 2017 -- $432,722
New and Active Listings
In August, 6,688 new listings of homes for sale were added to the greater Denver area market, 4% more than last month and 4% more than last year at this time. The count of active listings of homes for sale continued to increase. In August, the number of active listings reached 8,363, 4% higher than last month and 30% higher than this time last year. We continue to have 7 weeks of inventory, unchanged from last month.
New Listings Year-Over-Year Change
August 2017 -- 6,431
Average Days on Market
In August, homes spent an average of 33 days on the market, 4 days more than last month and 2 days more than this time last year. On average, single family detached homes were on the market for 29 days, while condos/ townhomes were on the market for 42 days. The median amount of time a home spent on the market in August was 11 days, 2 days more than this time last year. More than half of all homes on the market continue to sell in less than 2 weeks.
Days on Market Year-Over-Year Change
August 2017 -- 31 days
The Greater Denver Metro Market by Price Range
The $300-400,000 price range continues to have the most home sales and new listings; however, activity in this range has seen continued slowing, while activity in the $400-500,000 range has gained momentum. Compared to last year, sales of homes priced $300-400,000 decreased 9% and there were 1% fewer new home listings brought to the market. During the same time period, sales of homes priced $400-500,000 increased 8% and new listings were up 16%, all while average days on market decreased by 2 days.