August 2019 Housing Market Statistics
Average home prices peaked this summer at $502,460. August saw slightly lower prices, averaging $487,205, still 3% higher than this time last year. As we prepare for fall, the housing market is following trends typical for this time of year in Colorado. Keep reading for more details.
Denver Metro home sales saw a slight decrease in August. Throughout the month, 5,540 homes sold, down 6% from last month and down 2% from this time last year.
The number of sold homes year to date is 39,556, just slightly higher than last year at this time.
In August, contracts were put in place on 5,838 homes, up 16% from last year and up 3% from last month.
Home Sales Year-Over-Year Change
August 2018 -- 5,663
Home prices saw a slight decrease for the third consecutive month, down 3% from the summer peak of $502,460. In August, the average sold price for a home was $487,205, down 2% month over month, but 3% higher than this time last year.
In August, single-family detached homes sold for an average price of $535,156, up 3% year over year. The price of condos/townhomes was up 8% from August 2018, at an average of $372,081.
Average Sold Prices Year-Over-Year Change
August 2018 -- $472,245
New and Active Listings
Throughout the month, the market saw 6,753 new listings of homes for sale, up 2% compared to last month, but 1% more than last year. Year to date, new listings are up 6% compared to last year at this time.
The count of active listings of homes for sale at the end of August was 9,511, 14% higher than last year and 1% higher than the end of last month.
We currently have 7 weeks of inventory, unchanged from both last month and last year at this time.
New Listings Year-Over-Year Change
August 2018 -- 6,675
Average Days on Market
In August, homes spent an average of 39 days on the market, 5 days longer than this time last year, and 7 days longer than last month. On average, single-family detached homes were on the market 34 days, while condos/townhomes were on the market 51 days.
The median amount of time a home spent on the market in August was 16 days, 5 days more than this time last year.
Days on Market Year-Over-Year Change
August 2018 -- 34
The Greater Denver Metro Market by Price Range
In August, the $400-500,000 price range contained 20% of the Denver Metro region’s active listings, more than any other price range. Throughout the month, 1,513 new listings were brought to the market in this range, 10% more than last year. August sales in the $400-500,000 increased 5% compared to a year ago, with 1,296 homes sold. The $300-400,000 price range saw the highest number of August sales, at 1,484; however, sales in this range were down 10% from last year as home prices continue their climb.