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 Bounces Back In October
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 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!