The number of metro-Denver homes sold in July increased over the same month last year, but median prices for single-family homes and condos dropped significantly.
The number of homes sold rose to 5,878, a 3 percent increase compared with July last year, according to numbers released Thursday by MetroList.
The median price for a single-family home plunged to $229,200, a 10.1 percent decline compared with the median price in July 2007 of $255,000. The median price for a condo dropped to $149,000, 5.7 percent less than the previous July’s $158,000.
Independent real-estate consultant Gary Bauer said the decline in pricing started late last year and ended early this year.
“From the second quarter forward, we’ve been fairly stable on pricing,” Bauer said. “There have been no further price adjustments in the market. I don’t expect any more because I think foreclosures are becoming less and less a part of our mix.”
The decline in median prices is probably a result of investors buying foreclosed properties at steeply discounted prices, said Mike Cox of Re/Max Professionals Inc.
“A lot of the properties aren’t turnkey ready,” he said. “If you take all the appliances out and really beat it up, it’s easy to find a 10 percent adjustment.”
The inventory of 25,673 homes on the market was stable compared with June, dipping 1.7 percent, a sign that the market is recovering, Cox said. Compared with last year, it’s down 15.9 percent.
“If we have this huge foreclosure problem, why aren’t our inventory numbers higher?” Cox asked. “That’s why I think we’re seeing signs of recovery.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
