Both the number of new listings and homes sold dropped month over month in November
The number of new listings added to the Denver-area housing inventory in November was down 32.7 percent month over month and 6.48 percent year over year. This reduction contributed to shrinking the number of active listings from 8,557 in October to 6,988 in November, an 18.34 percent drop. For comparison, in the last quarter of 2018 there was a surge in new housing inventory.
“The number of new listings was as scarce as the sweet potato casserole after the first pass around the table at Thanksgiving,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “The market would have gobbled up even more of our excess inventory if we hadn’t also had fewer sales.”
Closed sales were down 22.78 percent month over month, but sales were still up by 2.17 percent year to date compared to 2018. The number of homes that went under contract dropped 10.84 percent month over month which, according to Schafer, indicates the number of homes sold will likely be down next month, too.
“Fewer homes on the market means it’s tougher for homebuyers in an already expensive city to own real estate, especially in the very popular housing segment of homes priced under $400,000,” states Schafer. “Many buyers continue to have to put in multiple offers before landing a home.”
Peter is a Real Estate Broker at Professional Brokers Group (License No. 023000), covering the greater Short Sale area of Colorado.
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Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.