Home sales, prices continue to fall
Denver Business Journal
Metro Denver’s housing market, including condominiums, continued to be relatively soft in November 2007, with decreases in sales and selling prices, according to data from Metrolist Inc. of Greenwood Village.
The Denver area reported 3,482 closed home sales — including single-family homes and condos — last month, down 2.3 percent from 3,565 from November 2006. Last month’s sales were down 9.5 percent from October of this year’s 3,848 closed sales.
Through November of this year, closed home sales dipped 1.2 percent to 46,570 from 47,140 for the same period of 2006, according to Metrolist data provided by independent real estate broker Gary Bauer of Denver.
Sales of Denver-area condominiums dropped 2.18 percent in November to 736 from the same month last year, according to Metrolist data from Re/Max International Inc. Condo inventory decreased 8.6 percent year over year to 6,524 units.
The median selling price of single-family homes in the metro area fell to $229,500 in November, from $240,000 for the same month last year. That price was $234,200 in October 2007.
Median condo price also decreased, to $139,000 in November from $155,750 for the same month of 2006. That price was $140,000 in October of this year.
Median selling price is the middle price between the highest and lowest price. In the real estate industry, it’s considered important because it’s not skewed by extreme selling prices, as the average selling price is. Median price also indicates the most active price range.
The average selling price of both single-family houses and condos for November was $268,826, according to Metrolist. That’s down from $285,441 for November of last year, and from $265,236 in October of this year.
The number of unsold homes still on the market was down 1.5 percent year over year in November, 27,127 from 27,530. There were 28,928 homes on the market in October of this year.