The Denver real estate market has been very strong through the Spring and early Summer and is typical through the Holidays to experience a slight dip in sales. Early May the Denver metro area saw an influx of new listings, easing some of the issues with thin inventory. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a dramatic decrease in new listings for the month of October, which is very seasonal as we see the weather changing with cooler temperatures along with the Holidays being busy. The under contract listings saw an increase over the month of September and sold properties saw a very slight decrease from last month. The Days on Market increased slightly from 24 days to 27 days, so not that much difference. (this includes land, attached properties, single family homes and up to the mega million dollar homes) Although the media makes our market sound like the sky is falling, this is quite seasonal and normal this time of year.
See what homes are currently available - Active Homes for sale in Denver
New Listings - 4,723 - down from 5,842 last month (in 2016 it was 5,271)
Under Contracts - 6,062 - up from 5,769 last month (in 2016 it was 6,287)
Sold Listings - 4,443 - down from 4,452 last month (in 2016 it was 4,674)
Days on Market - 27 days, up from 24 days last month (in 2016 it was 26 days)
Average Sold Prices - $444,009 - up from $429,474 last month (in 2016 it was $392,599)
Percent of Sold Price to List Price - 99.4%, up from 99.6% last month
Buyers - inventory will start decreasing as we get further into the Fall and early winter, especially when the snow starts flying. The price range between $200,000 and $450,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers. We are still seeing the majority of the new listings come on the market late in the week for showings over the weekend.
Sellers - we are seeing some homes now reducing their sales price, and is best to list your home at the fair market value and not "test the market", you may lag behind other listings going under contract first. We are also seeing a high number of homes "falling out of contract" and coming back on the market. Listing too high will result in your home sitting on the market with slow showings. Some Sellers are also being reluctant to do repairs, and their homes are coming back on the market. 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, put 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. We are in the slower part of the summer, and need to price homes correctly to get a quick offer (or more).
Denver’s unemployment rate is still very low - at 2.7%. Still very low comparing to the national average of 4.1% 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. 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.
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.