DEN­VER HOME, CONDO PRICES FELL IN JULY

Me­dian price for single-fam­ily homes stays flat for metro area, but dropped in county

The Denver Post - - FRONT PAGE - By Aldo Svaldi

The av­er­age price of a sin­gle­fam­ily home sold in Den­ver de­clined 2.4 per­cent in July from June, while the av­er­age price for con­dos sold was down 4.6 per­cent.

Home sales and prices in Den­ver slipped lower from June to July. But was that just the chain jerk­ing on a roller coaster still headed higher or a hous­ing mar­ket crest­ing its peak and about to send pas­sen­gers on a wild ride?

“It is typ­i­cal to have a sea­sonal slow­down ev­ery summer, but this summer has been slower than most and there is some spec­u­la­tion as to whether this is purely sea­sonal or may in­di­cate a change in our fast-paced mar­ket,” Kelly Moye, a Boul­der-area Re­al­tor, said in a mar­ket up­date Thurs­day from the Colorado As­so­ci­a­tion of Real­tors.

The me­dian price for single-fam­ily homes sold in all of metro Den­ver stayed flat at $410,000 from June to July, while me­dian condo prices dipped 2.9 per­cent to $270,000, ac­cord­ing to the re­port.

But in Den­ver County, the av­er­age price of a single-fam­ily home sold de­clined 2.4 per­cent in July from June to $560,150, while the av­er­age price for con­dos sold was down 4.6 per­cent, to $409,514.

“That is an enor­mous drop in the av­er­age price for month over month. That is the out­lier, some­thing that is not typ­i­cal,” said Matthew Leprino, a man­ag­ing bro­ker with Leprino Home in Den­ver.

The num­ber of single-fam­ily home sales also dropped in metro Den­ver, from 5,128 in June to 4,364 in July, while condo and town­home sales dropped from 1,714 to 1,538. Part of that re­flected fewer homes avail­able for sale. There were 36.2 per­cent fewer sin­gle­fam­ily and 14.9 per­cent fewer at­tached homes avail­able for sale at the end of July ver­sus a year ear­lier.

But Leprino isn’t clutch­ing the lap bar. June is al­ways the strong­est month of the year, mak­ing it hard for sub­se­quent months to com­pete. For sev­eral years now, the peak sell­ing sea­son has ap­peared to end ear­lier. School districts con­tinue to move up their start times, and sell­ers pull list­ings off the mar­ket to avoid dis­rupt­ing their fam­i­lies, Le-

prino added.

But off-sea­son months, aside from the hol­i­days, have tended to run stronger, and mar­kets about to roll over tend to show an ac­cu­mu­la­tion of un­sold homes, not a de­clin­ing in­ven­tory.

An­other in­flu­ence on av­er­age price is the mix of high-end and low-end prop­er­ties that sell in a given month. Leprino said he is see­ing list prices drop on higher-end homes, while af­ford­able prop­er­ties still sell quickly and with mul­ti­ple of­fers.

A condo Leprino listed for a client near Cherry Creek started at $1.06 mil­lion, but he dropped it to $999,999 af­ter other prop­er­ties low­ered their list prices. But a home near Olde Town Ar­vada that listed Wed­nes­day for $348,000 had 11 show­ings and three of­fers within 20 hours.

“It is still gang­busters,” Leprino said of the lower-end of the mar­ket. “It is still red-hot.”

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