“The average price of homes sold in February in the Denver metro area was just over $430,000, a 2.18 percent drop over the prices at the same time a year ago, according to the latest report from The Denver Metro Association of Realtors.
The last time there was a decline year-over-year was in 2012.
The homes were on the market for an average of 41 days, the report says, a 22 percent increase from Feb. 2018.
Those numbers are for detached single-family homes in the Denver metro area.
Condos in the same area sold for around $297,000 on average, a 2.3 percent drop from the year before, the report says.
Home sales started off strong last year but saw a steep drop in the second half of the year; 2018 ended with a 5.5 percent decrease.
Experts said the year-to-year drop isn’t surprising.
“The first half of last year was so crazy that if we would have kept going none of us would be able to afford to live here,” said Jill Schafer, the market trends chair for the Denver Metro Association of Realtors. “But now that we’re normalizing a little bit, I think we will see more people who want to sell but need to buy, now they’ll have some options. Whereas before they were like, ‘I don’t know where I’d even go because there’s nothing available.’ “”
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Kesting, Amanda. Channel 9 News 12 March 2019.