Real Estate News: Investing in Colorado Properties
Our real estate market is cooling off in terms of prices and according to a report released on Tuesday by REcolorado, the average Denver-area home sales price in June fell ever so slightly from May. The average price of a sold home last month was $373,905, a mere 0.26 percent drop from $374,890.
Last year, the average sale price rose by 11.8 percent from $334,486 in June 2014.
Now, prices may be drooping a little but the demand for homes are still hot. Home sales in June increased for the fifth consecutive month of this year. There were 5,742 homes sold, a 15.9 percent jump from the 4,953 in May.
Last month, under contracts rose by 1.09 percent from the 7,404 in May.
For seasonal reasons, active listings usually increase on a month-to-month basis, and June was no exception. Active listings rose by 9 percent from May, when there were 6,909 homes available.
Some 7,644 new listings came on the market last month, a 1 percent increase from the 6,561 in May.
Although inventory levels remain among the tightest in the country, increases in listing seen in the past 90 days are providing a stabilizing factor for the market overall.
The average sold price for a single family detached is relatively flat compared to last month, but 12 percent higher than this time last year. The average sold price for a condo/townhome dipped slightly for the first time in 2015 to $261,212 in June, one percent lower as compared to last month and 16 percent higher than a year ago.
Although prices have cooled off just slightly, houses are still selling like hot cakes with an average 20 days on the market—one day less than last month and seven days less than last year.