The Denver Housing Market was a Little Spooky in October!

Similar to the Halloween decor that adorned our homes last month, the Denver real estate market was a bit spooky during the month of October. 

According to a recent article in The Denver Post, prices and sales of existing homes declined in October from September and from October of 2006. The numbers aren’t pretty – sales of existing homes were down almost six percent from October of 2006 and the median single-family home price dropped 5.4 percent to $234, 200 from October of 2006. 

The Denver condo market didn’t fare much better. According to The Denver Post, the median price of Denver condos decreased 6.7 percent in price to $140,000. However, the Rocky Mountain News reported that condo sales shot up over ten percent from October of 2006.

Is there a bright side to all of this? Many experts agree that October shaped up to be a better month than expected The Rocky Mountain News reported that there was a 7.3 percent increase of homes placed under contract from September to October, which is only a small (1.5 percent) decrease from the number of homes that were placed under contract in October of 2006.

In addition, the Denver real estate market hasn’t seen the more dramatic decreases that other areas across the country have experienced.

This picture could not be rosier for potential Denver homebuyers. Don’t miss your chance to be in the driver’s seat. For more information on the Denver housing market, please contact TeamCox Realtors. We constantly monitor the ever-changing conditions of the Denver real estate market and would be more than happy to share our insight with you.

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