Metro Denver's resale housing market appeared to start returning to normalcy in June, according to sales data Tuesday from Metrolist Inc.
Single-family home sales in June, for example, were equally split between the lower price ranges that appeal to first-time homebuyers and pricier houses that attract homebuyers moving up to larger and/or more expensive homes.
A broker tells the Denver Business Journal, "Earlier this year, the majority of resale home activity was first-time homebuyers, distressed properties and investor activity. June appears to be the transition to a normal Denver market -- a market with both first-time homebuyer activity as well as 'move-up' activity."
Resale homes are those that have sold at least once before.
Combined sales of single-family houses and condominiums increased 15.4 percent to 4,186 in June from 3,628 in May. Late spring and summer traditionally are this country's prime home-selling season, because families buying and selling homes try to complete deals and move when children are out of school.
But June home sales this year were down 13.6 percent from 4,845 for the same month of 2008.
In June, 3,328 single-family homes were sold, up from 2,857 sales in May, but down from 3,847 for the year-prior June.
Last month, condo sales rose to 858 from 771 in April, but were down from 998 year over year.
Average sold price for both types of home rose 6.34 percent to $258,434 in June from $243,022 in May. That price was down 3.21 percent from June 2008's average selling price of $267,005.
Other June sales price breakdowns from Metrolist include:
- Average sold price for single-family homes -- $283,312, which is up from $262,066 in May, but down from $286,887 from the year-prior June.
- Median sold price for single-family homes -- $237,500, up from both the previous month ($220,000) and from June 2008 ($230,000). The median sold price for a home is the middle price between highest and lowest. It's considered a truer measure of price than average by many real estate professionals because it's not skewed by highest and lowest prices.
- Average sold price for condos -- $161,939, down from $172,454 in May and $190,367 year over year.
- Median sold price for condos -- $139,837, up from $137,000 in May, but a drop from $148,345 for the year-prior June. Condos also are selling faster lately, with an average of 97 days on the market in June, down from 110 days in May and from 108 days year over year.
For this year's first six months, total home sales and sold prices were down from the same period of 2008, according to Metrolist.
Combined sales of single-family homes and condos decreased 17.5 percent to 19,363 from 23,471 for the first six months of last year. Average selling price was down nearly 8 percent to $235,930 from $256,408.
Average days on the market for both housing types dipped to 104 through June, from 106 for the same period of 2008.
Other year-to-date data through June, compared to the same period of 2008, include:
- Single-family homes sold -- 15,432, down from 18,561.
- Average single-family home sold price -- $256,353, down from $277,566.
- Median single-family home sold price -- $211,000, down from $224,900.
- Condos sold -- 3,931, down from 4,910.
- Average sold price for condos -- $155,753, down from $176,426.
- Median sold price for condos -- $129,000, down from $139,000.
- Based in Greenwood Village, Metrolist is metro Denver's Multiple Listing Service, which is an association of real estate brokers that share property listings with each other.
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