Metro Denver home and condo sales continued to slow and single-family home prices also dropped last month despite the relief buyers received in the form of lower mortgage rates.
Metro Denver home and condo sales continued to slow and single-family home prices also dropped last month despite the relief buyers received in the form of lower mortgage rates, according to a monthlyThe number of sales in November fell to 2,877, an 18.3% decline from October and a 48.2% decline from last year. Despite fewer sales, the number of active listings fell 14.2% on a monthly basis to 6,253, as sellers pulled back ahead of the holidays.
“While we are no longer seeing multiple offers on every listing that escalate the price way over the ask price, Denver home values remain strong and multiple offers are still absolutely happening,” said Libby Levinson-Katz, a broker with Kentwood Real Estate and chairwoman of the DMAR Market Trends Committee, which prepares the monthly report.
New listings were down 30.2% between October and November and they are down 28.6% from a year ago. More sellers are also “delisting” or pulling their properties from the market., delistings averaged 2% a week nationally over the past 12 weeks. That’s above the 1.6% rate typically seen in November going back to 2015. Denver had a delisting rate of 2.7% per week, up from a delisting rate of 1.5% last November.
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