Home Sales Slow Statewide in October

Home sales slowed in October, and it wasn’t relegated to just the Denver metro area. According to a recent report from the Colorado Association of Realtors, statewide the number of new listings for single- family homes fell by more than 20% between September and October, which wasn’t quite as severe as the 25% drop experienced in metro Denver. Over the year, new listings are down 21.6% statewide and 22% in metro Denver — comparable when it comes to the pullback in seller activity.

When it comes to single-family home sales, those are down 32.1% on the year in metro Denver, and down 34% statewide. The inventory of listings available in October is about two-thirds higher than it was in October 2021 in metro Denver and 56% higher statewide. The median sales price of a home sold in October is up 4.5% in metro Denver over the year to $595,792. Statewide it is up nearly 5% to $550,000.

Measured against the peak in April, median single-family home prices are down 10% in metro Denver and 9% statewide, which is not good news for anyone who bought in April and put less than 10% down.

Where is homebuying activity cooling the fastest? The sharpest declines in single-family closings were in Huerfano County, down 76.5%; Gilpin, down 63.6%; and Summit, down 52.9%. Other counties with sales declines worse than the statewide average include Routt, Park, Jefferson, Boulder, Otero, Denver, and Douglas.

Homes are now taking 32 days to sell in metro Denver, double the time required last year, while listings statewide now take an average of 42 days to find a buyer, which is a 50% increase over the past year.

Historically we see home sales dropping off around the holiday season, but one good thing about this time of year is that the buyers and sellers who are in the market are very motivated. If becoming a homeowner is on your wish list, this could be the best time to take the plunge. Contact Metrowest today – we’d love to explore your options!