October 2019 Metro Denver Market Update
Market Continues to Improve for Buyers
Overall, it is still very much a seller’s market, but the months of inventory for both single-family homes and condos went above two months, and homes and condos above the $1,000,000 price point reached the balanced market level (at five to six months).
September’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price was down 0.6 percent from the previous month but up 6.1 percent from a year ago;
· Active listings were slightly down compared to the previous month but rose 5.4 percent from this time last year; and
· The average days on market increased 6.5 percent from the prior month and 22.2 percent from a year ago.
Other indicators that the market is turning into a healthier, slower moving one include a slowing rate of price appreciation, a close-price to list-price ratio slightly below 100 percent, and a gradual increase in the average days on market. The challenge for sellers is pricing since comparable properties may still reflect sales when the market was more intense. One strategy for sellers looking for a quick sale is to price under the market. For buyers, now is a good time to negotiate on price, inspection items, contingent offers, rent-backs and other terms.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of September 1, 2019, through September 30, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.