There’s some hope if you want to buy a condo in Denver, says June Realtor report
The good news is that condos spent an average 26 days on the market this June, which is eight whole days longer than last year.
The good news is that condos spent an average 26 days on the market this June, according to the Denver Metro Association of Realtors, which is eight whole days longer than last year.
Read on for some silver-ish linings.
Also, the average sale price of condos fell $6,785 from May. Which sounds good, but the June average sale price is still up over $32,000 from last year.
The number of new condo listings edged up almost 9 percent too, DMAR says, for a total of 1,907.
All right enough of that, now time for the doom and gloom.
The very-bad-for-buyers news is that the market heavily favors sellers.
Consider the months supply of inventory, which is how many months it would “hypothetically take to sell through all the available homes for sale currently, given current levels of home sales,” DMAR explains.
A balanced MOI is 4 to 6, the agency says. A lower number suggests more buyers relative to homes for sale.
The average MOI of condos that cost less than $300,000 is a paltry 0.56. And again, a balanced months supply of inventory is 4 to 6. So it’s pretty competitive out there still.
It’s worth noting that there were fewer active condos during June: about a quarter of the number of single family homes. But they’re also a heck of a lot cheaper — on average, they cost almost $175,000 less.
If you want to buy something other than a condo, check out DMAR’s whole report — it’s full of other real estate facts too.