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According to a recent report by the Denver Metro Association of Realtors, the sale of single family homes in the area fell by 17.6% as compared to October and dropped over 23% when compared to last year. Condo sales were also down, declining 16 percent for the month and 22.9% versus last year. Explanations for the downturn include real estate gyrations attached to the holiday season and a volatile stock market.

The inventory of homes and condos available for sale at the end of November dropped 11.8 percent from the count at the end of October to 7,530. Compared to November of last year, the inventory is up a big 46.7 percent.

The median price of a single-family home sold in November dropped 1.82 percent to $427,000 over the month, but remains up 4.9 percent over the year. The median price of a condo sold in November was $299,450, up 0.15 percent from October and up 9.71 percent from November of 2017. “I think everyone agreed that the downward shift in the market that started mid-year continued in November,” Jill Schafer, chair of the DMAR market trends committee, said in the report.

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