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Denver Housing Inventory Drops In October
According to a recent market trends report from the Denver Metro Association of Realtors, sellers listed 5,425 homes on the market in October, which is a 10.1% drop from September. It’s the lowest number of homes to hit the market since February, which has three fewer days than October.
In comments accompanying the report, Jill Schafer, chairwoman of the DMAR Market Trends Committee, said the fewer new listings added to the market may have contributed to the drop in homes sold in October.
Additional highlights from the report include:
Sales of single-family homes and condos dropped 6.4% in October from September to 4,654, which is still 1.62% above the number of closing in October of last year.
Condo sales fell nearly 9.5%, while single-family home sales were down 5.1%.
The median price of a home sold in October was up 4.83% year-over-year, while the median price of a condo was up 2.35%.
Fewer new listings also contributed to a decline in the overall inventory of homes available for sale at the end of the month. That stood at 8,557, down 7.85% from September, and nearly on par with the inventory levels seen a year ago.
The mix of inventory, however, is skewing more towards condos. There were 15.4% more condos available for sale than a year ago, while the number of single-family homes is down 5.6%.
It appears sellers have also faced challenges in recent months, with four in 10 having to drop their price after coming in too high. When a listing hit the market priced right, it spent 14 days to go under contract. When it faced a price reduction, it lingered for 59 days.
While inventory numbers aren’t what they once were, there are still some great finds in the Denver metro area. If you’re thinking of becoming a homeowner in the Mile High City, contact me. I’d love to show you around!
Tucker has taken his passion for the city of Denver and helping people achieve their goals and applied them to the vibrant real estate market in the Denver metro area. Attending the University of ....
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