The Denver real estate market has experienced a slowdown in mid-summer and we usually see sales pick up after Labor Day, but sales did not pick up like it had in the last several years. The sales were down 11% over last year's sales. The inventory has increased significantly by 34.6%. The days on market have slowly been creeping up too from 26 days in September to 30 days in October.
Sales after the Labor Day Holiday have been very sluggish around the Denver metro area the last couple of months. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver has seen an increase in active listings and this month we have 34.6% more listings than we did this time in 2017. The under contract listings saw a decrease over the month of September and sold properties saw a slight increase from last month. With 30 days on market, this still indicates we are experiencing a Seller's market, but Seller's should remember to list a home properly, as those over priced homes will sit on the market. (this includes land, attached properties, single family homes and up to the mega million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
New Listings - 8,502 - down from 8,628 last month (in 2017 it was 4,744)
Under Contracts - 5,263 - up from 5,181 last month (in 2017 it was 6,062)
Sold Listings - 4,415 - down from 4,422 last month (in 2017 it was 4,960)
Days on Market - 30 days, up from 26 days last month (in 2017 it was 27 days)
Average Sold Prices - $470,371 - up from $457,653 last month (in 2017 it was $440,035)
Percent of Sold Price to List Price - 99.0%, down from 99.3% last month
Buyers - inventory increased this month, giving Buyers more inventory now (finally) to view before making a final decision. This time of year starts showing a bit of a slowdown, rarely seeing multiple offers on any given home. The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers at list price.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Here is a chart showing when the Sellers are getting closest to their list price. Depending on what time of year you list, pricing is strategic.
Denver’s unemployment rate is still very low - at 3.0% for September. Still very low comparing to the national average of 3.7% in October. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. We were in the running for Amazon coming to Denver, but in the end, did not win the bid. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. If our traffic issues would decrease, we could retain more of our residents. It can be quite frustrating.
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.