October 2019 Metro Denver Market Update
Market Continues to Improve for Buyers
As in previous years, the market started its slowdown toward the end of summer, and it continues to behave as expected for this time of year. For October, most of the Denver housing market’s indicators remained consistent with the previous month – a notable exception being a 10 percent drop in new listings.
October’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price increased 1.2 percent from the previous month and 3.5 percent from a year ago;
· Active listings dropped 7.9 percent compared to the previous month and were nearly unchanged from this time last year; and
· The average days on market was the same as the prior month but up 10 percent from a year ago.
Price reductions are on the rise with 40 percent of the closed transactions in October lower than the list price. Although the average days on market for all homes is 33 days, for sellers who had to drop their price, the average was 59 days. Homes priced right were on the market for an average of 14 days. Another factor impacting days on market is home condition. The slowdown in the market means it is more important than ever for sellers to price right and have their homes in move-in ready condition.
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 October 1, 2019, through October 31, 2019, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.