The traditional summer housing slowdown that was evident in July and August in Colorado has continued into September, according to the latest figures from the Colorado Association of Realtors.
Despite the number of sales declining month by month, the numbers remain higher than those seen for the same months last year.
Housing markets often experience slower sales during the summer months as buyers and sellers focus on vacations, the end of summer and the start of a new school year, according to a news release by CAR. The number of sales of single-family homes in Colorado declined for the third month in a row; however, sales continue to be higher than last year.
Since June, the number of single-family homes sales has dropped 16 percent and the number of condominium-townhouse sales is down 8 percent statewide.
Compared to September 2014, sales are up 7 percent for 7,651 single-family homes and slightly more than 8 percent for 2,604 condominiums and townhouses. Year-to-date (January through September) sales are up significantly compared to the first 9 months of 2014.
Statewide, the median price of a single-family home in September was $300,000, up 9 percent from 2014 but down $16,000 from June of this year. For condominiums and townhouses the median price in September of $221,500 was a 14 percent increase over September 2014 but no real change from August or June of this year.
Low inventory levels continue to be a significant problem in most areas of the state, the CAR said. Though new listings of properties for sale were up 10 percent for single-family homes and 18 percent for condominiums and townhouses when compared to September 2014, they were down 25 percent and 22 percent respectively from June of this year.
Taking the state as a whole, at the end of September there were 28,460 active listings representing about a three-month supply of homes available for purchase. The combination of lower supply and decreased buyer interest due to timing has translated into more days on the market between listing and sale for most areas of the state.
The Southeast Region of the state (Baca, Chaffee, Crowley, Custer, El Paso, Fremont, Huerfano, Las Animas. Otero, Pueblo and Teller countries) saw sales of single-family homes dropped 13 percent between August and September, though they were up 11 percent from 2014. Condominium-townhouse sales in September were the same (189) as August but are down 17 percent compared to June of this year.
The inventory of available homes in this region hit its lowest level in September after increasing during the early summer months. With just 5,045 single-family homes and 384 condominiums-townhouses on the market there is only a four-month supply of single-family homes and a two-month supply of condominiums-townhouses, well below the ideal level of five to seven months which Realtors understand to be a balanced real estate market.
The complete reports cited in this press release are available online at ColoradoREALTORS.com/HousingStatistics.