Denver Market Bounces Back In October

Dated: 11/13/2018

Views: 206


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

Denver Reclaims 2 Spot On Best Place To Live List

For a variety of reasons, anyone who lives in Denver knows it’s a great place to call home. And we’re not the only ones who think so.  A new ranking by U.S. News & World Report re-confirms

Read More

Despite Minor Cooling Denver Still Considered A Hot Market

If you’ve been keeping your finger on the pulse of the real estate market in the Mile High City, you’re probably aware that Denver’s been experiencing a bit of a cool down in recent months. It

Read More

Profiling Elizabeth Colorado Next Hot Spot For Millennials

“Quaint” and “rural” are two great descriptors for the small community of Elizabeth. But this small town of about 1,500 is starting to gain some attention from a seemingly unlikely audience.

Read More

Exploring Denvers Wellshire Neighborhood

Boasting a strong sense of community and quiet lifestyle, people are beginning to take notice of Denver’s Wellshire neighborhood.  Featuring a mix of city and suburban living, Wellshire is

Read More