Denver Market Bounces Back In October

Dated: 11/13/2018

Views: 195


Image titleAfter 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 purchased 4,181 single-family homes and condos sold last month, a decline of 3.89 percent from the number of sales in September and 15.9 percent below the number of sales a year earlier. DMAR says that monthly decline was more in line with usual fall slowing than the alarming 30.5 percent drop in home sales measured between August and September.

While it’s a bit of good news for house hunters, it appears we still have a way to go before we swing back to a buyer’s market.

Report highlights include:

  • Sellers had 8,539 listings on the market at the end of October, down 3.04 percent from September and up 35.28 percent from a year earlier.

  • The inventory of homes for sale dipped below 4,000 late last year and has more than doubled since. Historically the inventory for metro Denver has averaged around 16,000 homes, so the market remains tight.

  • Home price gains are slowing in metro Denver and median prices remain below the peaks hit last spring.

  • The median price of a single-family home sold in October was $435,000, up 1.17 percent from September and 5.45 percent from October 2017.

  • The average price rose 4.9 percent from September to $526,092 and is up 8.43 percent over the year.

  • The median price for a condo sold was $299,250, down 1.24 percent from September, and up 8.84 percent from October 2017.

  • The average price of a condo sold came in at $341,418, a decline of 2.3 percent monthly and a gain of 3.49 percent year-over-year.

Interest rates are currently rising, which can further impact affordability in the already-pricey Denver area. If you’re looking to take the plunge and become a homeowner in the Mile High City, contact Metrowest – we’d love to show you around!

Latest Blog Posts

Exploring Denvers Affordable Neighborhoods

While Denver’s real estate market is experiencing a bit of a cooldown, house hunters in the Mile High City know that prices here are still high. Still, if you know what pockets to search in, there

Read More

Are Denver Sellers Missing Their Mark On Price

According to the Denver Metro Association of Realtors (DMAR), the answer is yes. Until the summer of 2018, Denver was classified as a solid seller’s market. If sellers weren’t getting flooded

Read More

Denver Housing Market Ranks Third In The Nation

While it may feel like everyone in the country is flocking to Denver, according to a new report from Zillow, Silicon Valley actually takes the top spot in terms of hot housing markets. Coming in at

Read More

Best Denver Neighborhoods For Millennials And Young Professionals

The popularity of the Mile High City is apparent in nearly every demographic. Both the old and young, natives and “transplants” alike love Denver. As newcomers flock to the area, a handful of

Read More