Median Sales Price for Homes Drops in July

The median sales price of a single-family home in Colorado dropped 3 percent to $336,000 from June to July of this year, the first reversal in what had been steadily rising prices since November 2015.  Condominium/townhouse prices also dropped 3 percent to $240,000, the first decline since January.  Compared to July 2015, however, single-family median prices were up 8 percent and condominiums/townhouses up 12 percent.

Median Sales Price

Affordability, which is based on the relationship between housing prices and local income levels, improved 3 percent for each category of homes from June to July.  The Northwest and Southeast remain the most affordable areas of the state though homes last month were less affordable than a year ago in most areas.

Sales also declined from June to July, down 11 percent to 8,092 single-family homes and -4 percent to 2,432 condominiums/townhouses.  Compared to July 2015, single-family sales were 8 percent lower and condominiums/townhouses were down 15 percent.

Inventory continues to be a major challenge.  There were 11,224 new single-family listings in July, down 11 percent from June and 6 percent less than a year ago.  New listings for condominiums/townhouses decreased 6 percent to 3,153 from June to July and were 5 percent behind 2015.  There were 26,454 homes on the market in July, 21 percent lower than a year ago, providing a 3-month supply of single-family homes and 2-month supply of condominiums/townhouses.

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) the median price of a single-family home fell $5,000 to $385,000 from June to July but was still 11 percent higher than a year ago.  The median for condominiums and townhouses sold last month decreased about $6,000 to $242,150.  That value was still 13 percent better than in July 2015.

Sales in this region were lower in July and substantially less than a year earlier.  There were 4,020 sales of single-family homes in July, down 11 percent from June and 13 per behind July 2015.  The 1,486 condominiums/townhouses sold in July were 2 percent less than in June and 19 percent less than in July of last year.

This region added 5,580 new single-family listings and 1,882 condominium/townhouse listings to the market in July, 7 percent lower overall than a year ago.  As a result, there were 8,923 active listings during July, a 2-month supply of single-family homes and a 1-month supply of condominiums/townhouses, well below the 5-7 months experts believe constitute a balanced market in which neither buyers nor sellers are at an advantage.

Short supply has driven down the average number of days that homes stay on the market (DOM) before selling.  The DOM for single-family homes in July was 21 and for condominiums/townhouses it was 16 – both unchanged from June and at about the same levels as a year ago.

In the Mountain Region (Garfield, Grand, Gunnison, Jackson, Pitkin, Routt, San Miguel and Summit Counties) the median price of a single-family home fell $100,000 to $449,500 from June to July and was 8 percent lower than a year ago.  The median for condominiums and townhouses sold last month decreased about $25,000 to $315,000, 9 percent lower than in July 2015.

Sales in this region were lower in July and substantially less than a year earlier.  There were 268 sales of single-family homes in July, down 19 percent from June and 19 percent behind July 2015.  The 299 condominiums/townhouses sold in July were 8 percent less than in June and 11 percent less than in July of last year.

This region added 599 new single-family listings and 501 condominium/townhouse listings to the market in July, 1 percent higher overall than a year ago.  As a result, there were 5,210 active listings during July, a 12-month supply of single-family homes and a 7-month supply of condominiums/townhouses.

Shorter than usual supply has driven down the average number of days that homes stay on the market (DOM) before selling.  The DOM for single-family homes in July was 111 and for condominiums/townhouses it was 110 – down about 15 percent from June.

In the Northeast Region of Colorado (Boulder, Larimer, Logan, Morgan and Weld counties) the median price of a single-family home fell $7,000 to $338,000 from June to July but was still 7 percent higher than a year ago.  The median for condominiums and townhouses sold last month was $265,000, unchanged from June.  That value was still 21 percent better than in July 2015.

Sales in this region were lower in July and substantially less than a year earlier.  There were 1,321 sales of single-family homes in July, down 10 percent from June and 13 percent behind July 2015.  The 282 condominiums/townhouses sold in July were 15 percent less than in June and 23 percent less than in July of last year.

This region added 1,711 new single-family listings and 353 condominium/townhouse listings to the market in July, 13 percent lower overall than a year ago.  As a result, there were 2,660 active listings during July, a 2-month supply of single-family and a 1-month supply of condominiums/townhouses, well below the 5-7 months experts believe constitute a balanced market in which neither buyers nor sellers are at an advantage.

Short supply has driven down the average number of days that homes stay on the market (DOM) before selling.  The DOM for single-family homes in July was 63 and for condominiums/townhouses it was 65.

In the Northwest Region of Colorado (Delta, Hinsdale, Mesa, Moffat, Montrose, Pitkin and Rio Blanco counties) the median price of a single-family home fell nearly $13,000 to $206,000 from June to July and was 5 percent lower than a year ago.  The median for condominiums and townhouses sold last month decreased about $24,000 to $139,000.  That value was 10 percent lower than in July 2015.

There were 456 sales of single-family homes in July, down 5 percent from June and 10 percent better than July 2015.  The 33 condominiums/townhouses sold in July were 38 percent less than in June and 25 percent less than in July of last year.

This region added 593 new single-family listings and 32 condominium/townhouse listings to the market in July, 2 percent lower overall than a year ago.  As a result, there were 2,294 active listings during July, a 6-month supply, consistent with what experts believe constitute a balanced market in which neither buyers nor sellers are at an advantage.

Short supply has driven down the average number of days that homes stay on the market (DOM) before selling.  The DOM for single-family homes in July was 102 and for condominiums/townhouses it was 94, down 6 percent and 15 percent, respectively, from June.

In the Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) the median price of a single-family home in July was $245,000, unchanged from June and 9 percent higher than a year ago.  The median for condominiums and townhouses sold last month decreased about $5,000 to $165,000.  That value was still 6 percent better than in July 2015.

There were 1,726 sales of single-family homes in July, down 11 percent from June and 11 percent better than July 2015.  The 237 condominiums/townhouses sold in July were 15 percent more than in June and 22 percent more than in July of last year.

This region added 2,278 new single-family listings and 279 condominium/townhouse listings to the market in July, 1 percent lower overall than a year ago.  As a result, there were 4,690 active listings during July, a 3-month supply of single-family homes and a 2-month supply of condominiums/townhouses, below the 5-7 months experts believe constitute a balanced market in which neither buyers nor sellers are at an advantage.

Short supply has driven down the average number of days that homes stay on the market (DOM) before selling.  The DOM for single-family homes in July was 39 and for condominiums/townhouses it was 21.

In the Southwest Region of the state (Alamosa, Archuleta, Conejos, Costilla, Dolores, Hinsdale, La Plata, Mineral, Montezuma, Saguache and San Juan counties) the median price of a single-family home fell $8,000 to $300,000 from June to July but was still 1 percent higher than a year ago.  The median for condominiums and townhouses sold last month decreased about $35,000 to $232,000.  That value was still 5 percent better than in July 2015.

There were 180 sales of single-family homes in July, down 12 percent from June but 9 percent better than July 2015.  The 39 condominiums/townhouses sold in July were 3 percent more than in June but 13 percent less than in July of last year.

This region added 337 new single-family listings and 56 condominium/townhouse listings to the market in July, 8 percent more overall than a year ago.  As a result, there were 1,829 active listings during July, an 11-month supply, well above the 5-7 months experts believe constitute a balanced market in which neither buyers nor sellers are at an advantage.

The average number of days that single-family homes stay on the market (DOM) before selling has been dropping, now down to 134 days.  The DOM for condominiums/townhouses has been rising and is now at 141.

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