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Denver Housing Inventory Dips In October
October saw high home selling prices, thanks mostly to extremely low inventory numbers in the Mile High City. That’s according to the latest monthly update from the Denver Metro Association of Realtors.
The report indicated there were just 6,312 homes and condos available for sale at the end of October, a record low for that month. From 1985 to 2016, buyers had on average 16,306 homes available to choose from at the end of October, and in 2006 as many as 29,722 in October.
September and October, historically, tend to see seasonal fall slowdowns, but in 2017 the decrease was much larger at 16.8 percent.
The chairman of the DMAR Market Trends Committee said the drop in inventory reflects a market where demand remained strong, but sellers put fewer new listings on the market.
Other highlights from the report include:
The number of single-family homes sold in October fell 9.8 percent from September to 3,172 and is down 8.1 percent from a year earlier.
The median price of a home sold, at $415,000, is up 9.5 percent year over year, while the average price, $490,525, is still up double digits at 11.62 percent.
Condo sales in October, at 1,278, are down 9.6 percent from September and 7.5 percent from October 2016.
The average price of a condo sold was $328,760, an increase of 5.3 percent from September and 13.04 percent from a year ago.
The median price of a condo sold was $275,000, up 2.6 percent from September and 13.6 percent from a year ago.
The number of days a single-family home spent on the market in October versus September jumped 20 percent to 36.
Supply may be tight, but there are still great deals to be found – if you know where to look. If you’re interested in checking out what Denver has to offer, contact Metrowest today – we’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
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