Our sales for September and October exceeded sales from the previous year, however, our values for November sales declined 15% over one year ago. The $1 million dollar homes are decreasing, due to an abundance of inventory in this price range. November's sales did not exceed last year's sales, showing slowing of resale inventory. The slowdown is pretty normal for the time of year, but with the global economy issues, sales were even slower during this period.
Average days on market are showing 97 days. The more days on market, shows the price is too high, and will not bring enough qualified buyers through the homes. The Denver inventory is down 19.8% from the same period last year. As normal, unless you have to sell, normally sellers will not have their properties for sale during the Holiday season.
We in Denver are more fortunate than most of the country - our sales of both existing homes and resales are higher than most cities. Here is Denver showing a 15% drop in median price is not bad, comparing to other cities like in California, Las Vegas and Florida - where prices have dropped 25-40 percent! So, here in Denver, it could be worse!
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