October 2018 | Metro Denver Market Update
Housing inventory typically decreases after the start of the school year, but last month the number of active listings increased for the fifth straight month. Other signs of the market becoming more balanced were a drop in the average price for all homes and a rise in the number of days on market. However, rising interest rates – currently at the highest level in seven years – have not yet impacted mortgage applications, which are up 3 to 4 percent year over year.
Vital statistics for September include:
-The average price for all homes – detached single family (DSF) and attached single family (ASF) combined – declined 3.4 percent from the previous month and rose 6.8 percent from a year ago
- Total inventory increased 7 percent compared to the previous month and 16 percent year over year
- Days on market jumped up from the previous month for both DSF and ASF, increasing to 27 and 24 days, respectively
While the latest trends indicate the housing market may be shifting to one more favorable for buyers, homes that are priced appropriately and show well are still selling quickly.
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This update is based on information provided by the Denver Metro Association of Realtors® for the period of September 1, 2018, through September 30, 2018, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.