Denver Homes Sales Cool as Holiday Season Approaches

According to a recent monthly update from the Denver Metro Association of Realtors, metro Denver home and condo sales continued to slow and single-family home prices also dropped last month despite the relief buyers received in the form of lower mortgage rates.

The number of sales in November fell to 2,877, an 18.3% decline from October and a 48.2% decline from last year. Despite fewer sales, the number of active listings fell 14.2% on a monthly basis to 6,253, as sellers pulled back ahead of the holidays.

The median price for a single-family home that sold was $615,000, a 0.92% decrease from October and a 2.5% gain over the past year. The median price of a condo or townhome rose 1.23% during the month to $410,000, a 5.13% gain from November 2021.

This isn’t to say that home sales have stalled entirely. Libby Levinson-Katz, chairwoman of the DMAR Market Trends Committee noted that while we are no longer seeing multiple offers on every listing that escalate the price way over the ask price, Denver home values remain strong and multiple offers are still absolutely happening. While buyers are finding some relief, the Mile High City remains a seller’s market with less than three months of inventory in all price brackets under $750,000.

Listings are taking much longer to sell in metro Denver, with single-family homes spending an average of 34 days on the market, while condos and townhomes are spending 30 days, up from 15 days and 17 days respectively last year. But the median or midway point is more telling. That is now 22 days for homes and 18 days for condos, up from five days for each a year ago.

While it’s still a seller’s market, buyers this holiday season can enjoy a slower pace and less competition. That, coupled with lower interest rates, could make it a great time to become a homeowner in the metro area. If you’re ready to see what’s available give Metrowest a shout today – we’d be happy to show you around!