Slightly fewer homes sold in metro Denver last month compared to October and the inventory of unsold properties on the market continued to drop sharply, according to a report today from Gary Bauer, an independent real estate analyst.
Buyers purchased 3,068 homes and condos in November, down 3.6 percent from October, but up 15.1 percent from November 2010.They placed another 3,365 homes under contract last month, a 12.5 percent drop from October, but up 8.5 percent from a year ago.
Bauer said the usual seasonal trends explain the drop in activity. Colder weather and the busy holiday season typically cause activity to slow this time of year. But a lack of inventory is also weighing on the market compared to past years.
The inventory of unsold homes stood at 14,275 units, down 9.6 percent from October and 30 percent from November a year ago.
Some buyers and agents have complained in recent months about a lack of “move-in” ready homes that aren’t foreclosures or in need of significant upgrades.
Higher home prices are needed to bring more sellers to the table, but so far that isn’t happening.
Median condo prices remained stable last month at $125,000. Median single-family home prices rose 2 percent to $230,000 in November from October and are down 2 percent from November 2010.
Aldo Svaldi: 303-954-1410, email@example.com or twitter.com/aldosvaldi
Article source: http://www.denverpost.com/breakingnews/ci_19457005