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Steep drop in Denver area home listings in November

New listings down 32.7% from previous month
Posted at 8:54 AM, Dec 04, 2019
and last updated 2019-12-04 11:17:19-05

DENVER — Home listings are dropping in Denver, but is it just a seasonal slump or a sign of a larger trend?

On Tuesday, the Denver Metro Association of Realtors (DMAR) released a report which shows that new home listings dropped 32.7% in November from the previous month.

"DMAR Market Trends Committee Member Nicole Rueth is seeing is that this is a seller’s market, but because of the perceived fear that the market has shifted, sellers are pulling back and waiting," the DMAR said.

The DMAR report said active listings have been going down all year, even before the steep drop in November. The decline in new listings contributed to a decline in active listings from 8,557 in October to 6,988 in November. Closed sales were also down 22.78 percent month over month.

But this tends to be a time of year when people are focused on the holidays, so some believe seasonal factors are at play.

"If people are choosing to sell in October, November, December, it’s because they have to sell," said Natalie Hengel, a real estate broker with 8Z Real Estate. "Either they’re getting relocated for a job, or they found their new dream home and decided, alright, let’s move and get this one sold quickly."

Hengel said she expects the market will pick back up again in early 2020.

"I think the spring market really starts right at the beginning of February," she said. "I think people have recovered from eating and drinking and partying from the holiday season and by January, they’re recouped and ready to jump back into the market."

According to the DMAR report, the average home price in November was $490,874, up 1.43% month over month and 6.76% year over year. Breaking it down further, the average single-family home price was $537,624 and the average condo sold price was $365,856. That's lower than May's average price of $555,482 for a single high home, which was the peak for 2019.