The Denver real estate market had winter weather impact the sales later in the month of October. Very unusual to see over a foot of snow before Halloween. There was a decrease in inventory this month, however, the days on market remained at 33 days. The sales were up 9.1% over last year's sales, and up over last month's sales. The total inventory has decreased, which is normal this time of year. The days on market remained the same from last month (33 days). The number of homes that are under contract have also decreased (slightly) from last month. Usually after Labor Day we see an increase in activity, but this year it was ever so slight compared to years past. Thinking the great interest rates would entice more buyers!
The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw a decrease in active listings, and we have 1.2% more new listings than we did this time in 2018. The under contract listings saw an increase (10.1%) over the same month 2018, yet a decrease from September 2019. Sold properties saw an increase from last year. With 33 days on market, this still indicates we are experiencing a Seller's market, just is a bit slower paced versus past years. (October 2018 we saw only 30 days on market) Over the last couple of years, it has been creeping upwards. Sellers 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
Stats for the Month of October 2019
New Listings - 5,426 - down from 6,037 last month (in 2018 it was 5,362)
Under Contracts - 5,795 - down from 5,928 last month (in 2018 it was 5,263)
Sold Listings - 4,997 - up from 4,829 last month (in 2018 it was 4,582)
Days on Market - 33 days - same from 33 days last month (in 2018 it was 30 days)
Average Sold Price - $484,607 - up from $482,109 last month (in 2018 it was $469,769)
Percent of Sold Price to List Price - 98.9%, same from 98.9% last month
Buyers - We are not seeing as many homes come on the market now, especially since Winter has arrived early this year! Even still Buyers have the chance to view more listings that match their criteria and not have pressure to write the instant they see a home before making a final decision. There are times you even can think about a purchase overnight, and not "lose the bid". With the Interest rate reduction, buyers are thinking this is a good time to buy a home, and seeing increased activity.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition. 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.
Denver’s unemployment rate is currently at 2.2% for September. Nice to see this rate so low compared to the national average of 3.5% in September. 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. Lockhead Martin announced they are hiring many more employees. See who else is adding employees. 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. I recently got a first time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first-responders a fabulous deal!
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.