Single-Family Housing Prices Level Off in Much of CO (read full  article here)

New listings, sales and inventory continue to challenge most markets

The median price of a single-family home statewide in Colorado decreased to $300,900 in November, down about $17,000 from the year’s high in June according to market statistics released today by the Colorado Association of REALTORS®. Even so, compared to a year ago, single-family home prices were 9 percent higher last month. Condominium/townhome median prices continued their steady three-year rise to $232,000 in November, up 17 percent over November 2014 and $10,000 higher than in October of this year.

Home sales were considerably lower in November compared to October, down 26 percent to 5,266 single-family homes and -27 percent to 1,765 condominiums/townhouses. In addition, single-family home sales were down 5 percent compared to November of 2014 while condominium/townhouse sales declined 1 percent compared to last year.

Together, lower median prices and declining sales in October and November may indicate market factors that go beyond the normal seasonal drops seen at this time of year. At the same time, year-to- date both of these measures are higher than in 2014 confirming a better year in 2015 for Colorado’s real estate markets.

New listings statewide dropped 35 percent to 5,292 for single-family homes and -28 percent to 1,723 for condominiums/townhouses compared to October. Moreover, they are down 55 percent and 48 percent respectively since June. However, compared to last year these low numbers are still better than at this time in 2014.

Properties are taking a bit longer to sell than earlier in the year and inventory is declining such that in November there was less than a 3-month supply of single-family homes and a 2-month supply of condominiums/townhouses in our state. Both levels of supply are significantly below the 5-7 months generally considered a balanced market that puts buyers and sellers on a level playing field.

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