July 2018 Housing Market Statistics
As the summer comes to an end, the Greater Metro Denver Area housing market saw a slight seasonal slowdown. Both home sales and new listings are down slightly compared to last month and last year.
July brought signs that the market is slowing, following an active selling season. Throughout the month, 5,325 homes sold, 3% lower than last year and 11% lower than last month. Year to date, sales are just 1% lower than 2017 figures.
There was also a slight decrease in the number of homes going under contract. Throughout the month, contracts were placed on 5,699 homes, a 1% decrease from last month.
Home Sales Year-Over-Year Change
July 2017 -- 5,514
The average price of home saw a month-over-month decrease for the first time this year. In July, the average sale price of a single family home was $478,367, 2% lower than last month. As compared to July 2017, home prices are up 7%.
The average price of a single-family detached home was $528,153, up 7% year over year. Prices of condos/townhomes are up 9% from last year, at $347,929.
Sold Prices Year-Over-Year Change
July 2017 -- $445,989
New and Active Listings
In July, 6,463 new listings of homes for sale were added to the greater Denver area market, 13% less than last month and 2% less than last year at this time.
The count of active listings of homes for sale is the highest we’ve seen since August 2014. In July, the number of active listings reached 8,060, 11% higher than last month, and 25% higher than this time last year.
We now have 7 weeks of inventory, two weeks more than last month.
New Listings Year-Over-Year Change
July 2017 -- 6,562
Average Days on Market
In July, homes spent an average of 29 days on the market, 2 days less than last month and unchanged from this time last year. On average, single family detached homes were on the market for 24 days, while condos/townhomes were on the market for 39 days.
Half of the homes sold in July were on the market approximately one week or less. The median number of days a home spent on the market in July was just 8, 1 day longer than both last month and this time last year.
Days on Market Year-Over-Year Change
July 2017 -- 29 days
The Greater Denver Metro Market by Price Range
In July, the $300,000 to $500,000 price ranges continued to see the most activity with 50% of all sales and 50% of all new listings. Demand remained strong in July, with 82% of new listings that came on the market resulting in a sale. When looking at median days on market, homes spent more time on the market as compared to last month. Still, half the homes on the market in each of the price ranges below $800,000 sold in less than two weeks.