November home sales in metro Denver dropped 38.4% from October and 17.7% year-over-year with only 1,444 single-family homes for sale at the end of the month, according to The Denver Post. A lack of housing supply is creating tight buyer competition as home prices outpace home sales and delayed residential construction leaves behind an undersupplied Denver market.
Builders are rushing to combat a two-year inventory shortage in metro Denver, but post-pandemic supply chain disruptions will continue to affect new construction starts into the new year.
There were 1,444 single-family homes for sale at the end of November, down 38.4% from October and 17.7% from a year earlier. The supply of condos and townhomes fell 21.6% month-over-month and 51.6% on the year to 804 listings. Normally, the inventory of homes for sale drops 11.4% between October and November, and last month’s decline was one for the record books, DMAR said.
November’s inventory was also a record low for the month, according to the report. If December sees a 25% drop in inventory from November, metro Denver could end the year with a paltry 1,686 active properties, noted Andrew Abrams, chairman of the DMAR Market Trends Committee, which compiles the monthly report.