As was the case in the October Market Trend Report, November is showing a trend toward a slowing real estate market. The Trends Committee reported that the active Inventory of Detached Single Family homes has declined 5.16% over the prior month, and sold homes have decreased a total of 14.86% over the same time period. In conjunction, the average days on market has increased by 6.67% to 32 days. The average sold price, however, increased a modest 1.68%, as well as the median sold price, which increased on the same pace to 1.76%.
Some of this slowing trend can be attributed to the time of year; however, it will pay for sellers to watch the data that comes out in the next few months, if they are considering the sale of real estate. Moreover, buyers will want to pay attention to both the average and median sold price categories. If inventory continues to drop, it is within the realm of possibilities that prices could buck the trend and continue to rise.
Market data can be confusing and trying to decipher the plethora of reports and statistics is overwhelming. Don't let the wall of information intimidate you. With our market experts you will find that buying and selling property can be done with relatively little stress and a successful transaction in any market is possible. Challis Real Estate Company's professional brokers are here to help. If you want a free certified market analysis or would like to set an appointment to have us help you find the home that fits your needs, please call our office to set an appointment.
To read more of the report issued by DMAR, follow the link: http://www.dmarealtors.com/november-dmar-market-trends-report-denver-area-home-prices-increased-28-over-past-decade