DENVER, CO – August 6, 2015 – July saw a welcome increase in the number of homes for sale in the Denver Metro and surrounding area, as eager sellers brought an impressive number of new listings to the market, according to REcolorado, Colorado’s largest MLS and the provider of REcolorado.com.
According to the REcolorado July 2015 Report on the Denver-area Housing Market, July ended with 8,967 active listings of homes for sale, a jump of 19 percent month-over-month. Inventory levels have seen five consecutive months of increases, rising 76 percent since February. As compared to previous years, inventory remains tight. Year over year, inventory is down eight percent.
July’s increase in inventory levels was driven by sellers who brought 8,072 new listings to the market. The number of new listings was up six percent, month over month, and up 15 percent as compared to this time last year.
“The number of available homes for sale has been steadily increasing throughout the year, a positive sign for buyers as we head into the second half of the summer selling season,” said Kirby Slunaker, president and CEO of REcolorado. “We’ve seen prices stabilize over the last several months, which suggests the market is finding more of a balance.”
After experiencing five consecutive months of increases, home sales took a breather in July. During the month, there were 5,661 sold listings, a slight month-over-month decrease and a six percent decrease as compared to this time last year.
Home prices remained steady in July. The average sold price for a single family home was $365,663, down two percent as compared to last month, but still nine percent higher than a year ago.
The average sold price for a single family detached home was $409,669, down two percent as compared to July, but 10 percent higher than this time last year. The average sold price for a condo/townhome was $256,701 in July, two percent lower as compared to last month, but still 15 percent higher than a year ago.
Since 1984, REcolorado has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. Updated every 15 minutes with new and sold listings and powered by the state’s largest network of real estate professionals, REcolorado.com is Colorado’s most accurate home search website. REcolorado.com also offers consumers mortgage resources, information about Colorado neighborhoods and cities, sold listings, open houses, and a comprehensive database of real estate professionals.
REcolorado is the largest Multiple Listing Service (MLS) in Colorado. With 18,000 professional members who operate throughout the state, it is REALTOR® owned and serves Aurora Association of REALTORS®, Douglas Elbert REALTOR® Association, Denver Metro Association of REALTORS®, Mountain Metro Association of REALTORS®, and South Metro Denver REALTOR® Association.