Blame it on the weather.
Denver’s flat housing market in January is largely a result of the winter storms that blew through the region, keeping prospective home buyers from looking at houses and closing deals.
The number of closings in January was 3,540, compared with 3,104 in December, according to statistics released today. Inventory also held steady at 24,350, compared with 24,534 in December.
“Anything you buy is affected by your attitude, whether it’s your house or your clothing,” said Larry McGee, a broker with The Berkshire Group. “The weather affects how we feel about our purchases.”
Ron Thorne of Ron Thorne Realty Group offered a different view. The fact that people put more properties under contract in January than in December is a good sign, given the weather. In January, 4,292 homes were put under contract, compared with 3,328 in December.
“When you’re buying at a historically very low time of the year and then add the weather factor, it’s the first initial sign of a turnaround,” Thorne said.
Median prices for single-family homes dropped 4.5 percent from last month, a result of more homes selling in lower price ranges. The median price for a single-family home in January was $236,000, compared with $247,000 in December and $245,000 a year ago.
The drop was caused by an increase in the number of homes sold for less than $300,000 and a decrease in the number of higher-end homes sold, said independent real estate analyst Gary Bauer.
“That will automatically cause the prices to go down,” he said.
The median price of condos increased to $154,900 last month, compared with $150,000 in December. The prices were just slightly lower than the $155,000 for January last year.
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
