Slower Housing Sales Extend into September

Prices, new listings and inventory down in most areas of the state.

According to market statistics released last week by the Colorado Association of REALTORS® (CAR), the traditional summer housing slowdown that was evident in July and August in Colorado has continued into September. Housing markets often experience slower sales during the summer months as buyers and sellers focus on vacations, the end of summer and the start of a new school year.    Sales of single-family homes in Colorado declined for the third month in a row, however, down 7 percent in September compared to August.  Since June, single-family housing sales have dropped 16 percent and condominium-townhouse sales are down 8 percent.

Compared to September 2014, sales are up 7 percent for 7,651 single-family homes and just over 8 percent for 2,604 condominiums and townhouses. Year-to-date (January through September) sales are up significantly compared to the first 9 months of 2014.

Statewide, the median price of a single-family home in September was $300,000, up 9 percent from 2014 but down $16,000 from June of this year. For condominiums and townhouses the median price in September of $221,500 was a 14 percent increase over September 2014 but no real change from August or June of this year.

Low inventory levels continue to be a significant problem in most areas of the state. Though new listings of properties for sale were up 10 percent for single-family homes and 18 percent for condominiums and townhouses when compared to September 2014, they were down 25 percent and 22 percent respectively from June of this year.

Taking the state as a whole, at the end of September there were 28,460 active listings representing about a 3-month supply of homes available for purchase. The combination of lower supply and decreased buyer interest due to timing has translated into more days on the market between listing and sale for most areas of the state.

For the full reports on each region, please visit:  www.coloradorealtors.com/real-estate-statistics/

In the Metro Denver Region (Denver, Jefferson, Adams, Arapahoe, Broomfield and Douglas counties) sales of single-family homes decreased 6 percent over August to 3,886 but were up 4 percent compared to September 2014.  Condominium-townhouse sales (1,575) dropped 4 percent from August to September and were up 6 percent compared to last year.

The median price for a single-family home in September was $336,000 a decrease of $11,000 over August and $22,000 since June.  For condominiums-townhouses sold in September, the median price was $211,500 down $3,500 from August and $6,500 from June.  This was the third consecutive month in which prices dropped in this region.

While most of the rest of the state experienced lower sales in September, the Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit Counties) enjoyed increases of 5 percent for single-family homes and 25 percent for condominiums and townhouses.  Year-to-date the 2,286 single-family sales are up 17 percent and the 2,537 condominium-townhouse sales are up 14 percent compared to last year.

The median price of both single-family and condominium-townhouse properties continued to rise in September, extending a pattern began in June.  At $577,500 the median single-family price is up over $125,000 compared to June, up 10 percent from a year ago.  For condominiums, the median in September of $381,165 is an increase of just under $25,000 over June, a 5 percent increase over 2014.

In the Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties), sales of single-family homes decreased 8 percent to 1,315 compared to August; condominium-townhouse sales also declined, down 11 percent to 302.  September is the third consecutive month of decreasing sales in this region.  Even so, sales are up 6 percent overall compared to September 2014.

The median price for a single-family home in this region was down $15,000 to $300,000 compared to August.  For condominiums-townhouses the September median price of $226,189 was essentially no change from August.  Compared to September 2014, prices are up 11 percent for single-family homes and 13 percent for condominiums-townhouses.

In the Northwest Region (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin and Rio Blanco counties) sales of single-family homes decreased by 5 percent between August and September and are down 22 percent from June.  Condominium-townhouse sales also decreased, down 11 percent compared to August and -42 percent over June.

The $199,000 median price of a single-family home represents essentially no change from any of the preceding four months.  It was, however, an 11 percent increase over September 2014.   The median price of $136,000 for a condominium or townhouse in September was a decrease compared to both July and August which showed increases. It was also a decrease of 6 percent compared to 2014.

The Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) saw sales of single-family homes drop 13 percent between August and September though they were up 11 percent over 2014.  Condominium-townhouse sales in September were the same (189) as August but are down 17 percent compared to June of this year.

The median price of a single-family home in September was $220,500, just $900 more than in August, down about $10,000 from the yearly peak in June.  For condominiums-townhouses, the September median of $160,000 was a significant increase over August (+$10,100), continuing a steady upward trend that began in March of this year.

In the Southwest Region of the state (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache and San Juan counties) sales of single-family homes (162) were down 6 percent in September compared to August.  Condominium-townhouse sales, on the other hand, were up 33 percent to 44 sales, back to June-July levels.  Year-to-date, single-family sales are up 8 percent compared to 2014 and condominiums-townhouses are up 29 percent.

The median sales price for a single-family home in this region in September was $270,000, down almost $20,000 from August and $60,000 from June.  Condominiums and townhouses sold in September averaged $243,500m up $3500 from August and $17,500 from June.  Compared to September 2014, single-family home prices were down 5 percent and condominiums/townhouses were down 12 percent.  While median pricing for single-family homes has dropped each of the last three months, pricing for condominiums-townhouses have gone in the opposite direction.

For the full reports on each region, please visit:  www.coloradorealtors.com/real-estate-statistics/