Metro denver home sales, listings drop in october
Home sales and listings in the metro Denver area dropped considerably in October as the market appears to cool compared to this time last year, according to the most recent market report from the Denver Metro Association of Realtors (DMAR).
Sales of single-family homes and condominiums declined 8.3 percent to 5,169 between September and October, and total sales were down by one-fifth from October 2020. However, the slower closing pace did not mean a higher supply of unsold homes currently on the market. The inventory of 3,376 homes and condominiums at the end of October represents a 15 percent decline from September and a 30 percent decline from October 2020.
According to the DMAR report, it’s common for the number of active listings in metro Denver to drop between September and October as activity slows. Since 1985, this monthly drop has averaged 5.8 percent. October’s inventory decline of 15 percent marks the second largest on record after a 16.8 percent decrease in October 2017.
A spokesperson for the DMAR said that buyers need to be patient while there is a drop in the number of available properties. Similarly, the tight supply isn’t providing sellers the same advantages it did earlier this year. Even though there is still a premium paid of 101.8 percent, the extreme bidding wars are much less common than previously recorded.
Listings are still getting offers, but they are fewer in number, according to the DMAR. Many listings are only getting two or three offers, and the cool fall season, coupled with a slower market, means it is a great time to buy because there is less buyer competition.
The median price for a single-family home sold in metro Denver in October was $585,000, an increase of 1.6 percent from September and 13.6 percent from October 2020. The median price for a condominium or townhome sold was $375,000, down 1.2 percent from September and up 11.7 percent from a year earlier.
The DMAR report noted that the heaviest volume of sales last month was in the $500,000 to $750,000 range, with the highest inventory of available homes in the $1 million or more price range, or luxury category.