DENVER METRO HOME SALES TRENDS
YoY Pct Change
$20 (million) and put them out of business.”
“I don’t think prices will be affected as much.… I think we’ll have another strong spring when people come back.” Not Getting the Showings But pricing could be impacted for high- end properties, according to Kaufman, the Englewood broker associate who said inventory is starting to build up in some select higher-end enclaves such as Highlands Ranch, a suburban community about 20 miles south of downtown Denver. Kaufman said he recently listed a property in Highlands Ranch for $535,000 that was not getting much interest, which he attributed to the fact that there were 62 other nearby listings in a similar price range.
noting that buyers now have stronger negotiating power for homes listed above $500,000. “A house like that will probably not sell for full price.” Homes that sold for more than $500,000 in the Denver metro area sold a median $276 per square foot in July 2016, a 5 percent increase compared to a year ago. But that was less than half the rate of increase for homes that sold under $500,000. Those lower-priced homes sold for a median $211 per square foot in July 2016, up 12 percent from a year ago — the 20th consecutive month with a double-digit annual increase. The Millennial Factor Aside from price, another reason suburban markets like Highlands Ranch
Sales Volume Slowing In the meantime, the scarcity of supply and the resulting affordability challenges for buyers is finally showing up in the form of slowing home sales volume. After 13 consecutive months of year- over-year increases, sales volume in the 10-county Denver metro area has now decreased on an annual basis for five consecutive months ending in July — when volume plummeted 17 percent from a year ago, according to ATTOM Data Solutions. “My suspicion is that August sales will be way down,” said Tom Guest, broker/owner at Key Masters Real Estate in Castle Rock.
“In my opinion (that is) why we are not getting the showings,” said Kaufman,
ATTOM Data Solutions • P14
Made with FlippingBook Online newsletter