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Denver Area Housing Prices Remain Strong In October
With 8,041 active listings on the market, inventory of available homes showed the slowing that is expected this time of year. In October, the active listings slid 10 percent as compared to last month, and were down 23 percent as compared to this time last year. The number of new listings that came on the market was down eight percent month over month and two percent year over year.
“With inventory levels remaining tight in October, the market stayed nearly as competitive as it was during the summer selling season,” said Kirby Slunaker, president and CEO of Metrolist. “Home prices climbed a bit, and days on market remained low, indicating continued demand.
”After two consecutive months of decreases, October brought an increase in the average sales price for single family homes. The average sold price in October was $323,750, up one percent from last month and a seven percent increase year over year.
In October, home sales were flat as compared to last month and were up three percent year over year. Although days on market saw a month-over-month increase, homes continued to move quickly. Homes stayed on the market an average of 34 days in October, a four-day increase as compared to last month, and 11 days fewer than October 2013. The market absorption rate indicated a steady level of demand for properties, with a supply of approximately eight weeks of inventory at October month end.
Marc Blitstein has been a licensed Real Estate Agent since 2004. Real estate experience has been in employee relocation, residential property, short sales, investment property, and bank owned property....
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