August 2017 Denver Housing Market Stats
Denver’s housing market saw decreases in the number of sold homes and the number of new listings in August 2017. The condo submarket had stronger metrics (median sold price increased almost 13% from August 2016). The most recent National Association of Home Builders housing starts report shows a healthy year-to-date increase in single-family starts (6%), but year-to-date multifamily starts have jumped 45% compared to the same period in 2016. This is suggestive of builders giving the customer what is needed for the times: new multifamily housing when single-family housing inventory is low and continually rising in price.
The number of new listings in August 2017 decreased 1.65% to 4,602, compared to 4,679 in August 2016. The number of sold listings fell 10.59% between August 2016 and August 2017, a respective 4,031 to 3,604. Current days on market decreased between August 2016 and August 2017 (respectively 29 to 27 days). Median sold price decreased 2.38% this past August ($410,000) compared to August 2016’s $380,000. The ratio of close price to list price saw a small decrease from August 2016 to August 2017, respectively 98.70% to 98.51%.
The percentage increase in the number of new condo listings increased to 0.72% between August 2016’s 1,796 to August 2017’s 1,809. The number of sold listings fell 3.37% in the same period, going from a respective 1,573 to 1,520. The current days on market increased between August 2016 and this past August, going from a respective 26 to 38, an increase of 46.15%. The median sold price rose 12.94%, going from August 2016’s $243,500 to $275,000 this past August. The percent of close price to list price fell between August 2016 and August 2017, going from a respective 100.2% to 99.44%.
Denver Metro Association of REALTORS. Data Snapshot August 2017