After September’s steep drop in home sales, it looks like the market began to stabilize in October, according to a recent update from the Denver Metro Association of Realtors (DMAR).Buyers
Denver Market Sees Cool Down In September
According to a recent report from the Denver Metro Association of Realtors (DMAR), Denver metro home inventory is up 7 percent from last month, and more than 16 percent year over year. That’s terrific news for house hunters facing limited options.
While May and June of this year saw record high prices, since then prices have dropped 4.9 percent. What may be more indicative of a cooling market is a 33 percent decline in sales of single-family homes priced over $500,000.
Last month the Denver Business Journal reported that 30 percent of listings under contract reduced their prices during a five-week period. In that time, 36 percent of homes in the $500,000 to $599,999 category saw price reductions.
Other indicators of a cooling market:
Inventory increasing to 2.33 months for single family homes compared to 1.68 months of inventory in August.
Condos also saw inventory increase from 1.48 months to 1.93 months from August to September.
The average sold price of a single-family home decreased by 3.79 percent month over month to $502,034. The year-to-date average sold price is $523,224.
In the luxury market, sales dropped 44 percent from August to September. The closed-dollar volume, $173 million, was down 45 percent from August.
With inventory on the rise and prices on the decline, now may be a perfect time to start your Denver house hunt. If you’re interested in checking out what the Mile High City has to offer, give Metrowest a shout - we’d love to show you around!