The number of homes on the market, in the Denver, area plunged by 20 percent in August from a year earlier, the largest percentage drop in five years.

According to data from Metrolist, there were 24,648 unsold homes on the market last month, compared with 30,827 in August 2007.

This is very good news and reflects what we’ve been seeing also.  Home choices are not what they were 6 months ago.  However, there are still many options for those looking to buy right now.

Year to Year pricing is way down for August.  Both the median and average prices of single-family homes sold last month showed double-digit percentage drops.

The average price of a single-family home was $284,531, down nearly 14 percent from $329,783 in August 2007.  And the median price of a single-family home was $225,000, down nearly 13 percent from $257,500 in August 2007.

This data is skewed slightly as it takes the entire Denver Metro area into consideration.  There are many parts of town where both average and median prices have actually gone up in the past year.  Additionally, from June to August of this year, prices have been on the rise.

This is another indicator that the market is at, or near bottom.  Contact us if you have any questions, or would like further information.