After an unusually strong showing over the last few years, the real estate market in Denver is starting to show cracks.  Sales of single family homes and condominiums were down across the city during November.

According to data compiled from MetroList, sales during the month were 13.7 percent lower than during October, and over 3 percent lower than during November 2006.   The drop in sales coincides with a general decline in activity around the country.

An increasingly uncomfortable mortgage crisis has led banks and lenders to end the practice of subprime loans, a type of loan that has led to a marked increase in foreclosures around the country.

Fewer sales mean lower prices as more homeowners struggle to find a buyer.  Prices in Denver were down as well.  The average sales price for a home stood at $229,500 during the month of November, more than four percent lower than the same period last year.

Condos fared even worse, as prices dropped more than 10 percent from last year.  The average sales price for a condo in Denver now stands at $139,000.

The news isn’t all bad though, as buyers are starting to find great deals that haven’t been seen in years.  Keep an eye out for even lower prices around Denver and find the home of your dreams at a bargain.

Technorati Tags: Denver Real Estate, Denver Homes For Sale, Denver Condos

This entry was posted on Tuesday, December 11th, 2007 at 2:21 pm and is filed under Denver real estate Agents(t) . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.