Despite a dip in interest rates last month, the seasonal slowdown of residential real estate continues in Colorado. That's according to the latest monthly report from the Colorado Association of Realtors. Home prices are still up.

The median home price in Colorado was $525,810 last month, an increase of 2.1% from a year ago. The average sales price of a home was $680,091, a 0.5% increase from a year ago.

The number of listings was 12.3% less than the number of homes sold last year, at 5,629 properties. New listings saw a slight increase from last year at 6,105 new listings, at 0.9%, while the number of pending or under-contract properties increased by 3.4% to 5,509 properties in November.

Colorado homes are staying on the market longer than they were a year ago, at 53 days now, compared to 46 days last November.

The number of active listings across Colorado was 18,387 last month, a 12.5% decrease from a year ago.

Meanwhile, in the Denver metro area, the median sales price was $555,000, barely a change compared to the $549,999 median sales price from a year ago. The average sales price was $659,316, a 1.9% increase from a year ago. The number of sold listings decreased by 12.6% to 3,434 listings last month, while the number of pending or under contract properties increased by 1.2% to 3,376 last month. There were 3,558 new listings that hit the market last month, up 1.5% from last year. 

Homes in Denver have been lingering on the market for 42 days now, an increase of 13.5% from a year ago. The inventory of active listings is down by 20.2%, with 9,645 properties currently on the market, per the report.

As CAR collects data from cities and counties across the state, some parts of the state had a hotter November than others. Glenwood Springs and the Aspen area, for example, set a record last month for the highest-ever median sales price, at more than $846,000, according to the report. In Boulder and Broomfield, sales have gone down by 14%, and prices are also down 2.4% from the beginning of the year; however, homes are still selling in 50 days and sellers are still getting 99% of their list price, according to the CAR report. Broomfield is one of the few places where prices went up, if only by 2.2%.

Purchasing a home in the metro area may look different than it has in the past, but that doesn't mean there aren’t some great opportunities available. Give Metrowest a shout today and let’s see what’s out there!