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Denver Housing Market Has Finally Cooled Down
According to a monthly update from the Denver Metro Association of Realtors, the stats for Home Sales in the month of October show a drop in sales and listing.
In Denver in October, 4,294 homes and condos were closed by the buyers, 17.5% drop from the month of September and 11.4% fewer sales compare to October 2015. Sellers listed 4,874 homes last month, down closely by tenth from the number of new listings in the month of September.
The month of October ended with 11.4 percent fewer homes available for sale than in September versus a more typical 5.8% decline through those two months. That was the largest decline in 30 years and put the inventory at a record low for the month of October.
About 3 out of 10 sellers had to reduce their list price to get a suitable offer for their property, though that level was similar to the price drops measured from the past two Octobers according to the report.
Steve Danyliw, incoming chairman of the DMAR Market Trends Committee, said “Price reductions are being seen across the board as sellers adjust to the cool down.”
Uncertainty around the election might be leaving some buyers and sellers in a holding pattern. But Danyliw noted that some buyers are anxious to lock in a sale before interest rates increase for the coming month of December.
For the single-family home sold in October the median price was $380,000, flat with the month of September and 9.5% higher compare than a year ago. Average price was $440,184, up to 0.15% from the month of September and up by 9.3% from a year earlier.
For the condo prices also flat-lined in October compared to September at $245,000 but were up a vigorous 15% from a year earlier. The average price of a condo sold was at $293,678 up by 2.5% month-over-month and 11.8% year-over-year.
Listing spent with an average of 32 days on the market, unaffected from the average days on the market in the of September and October year 2015.
Now is the time to sell, call me for the path to reaching your real estate goals
Kevin Fletcher and is a Denver native working with Exit Realty of Cherry Creek. Kevin specializes in helping Buyers, Sellers and Investors with real estate transactions in the Denver Metro Area. Within Denver, I have intimate knowledge of the Park Hill, Stapleton, City Park, and Baker Neighborhoods. Kevin Fletcher can also assist buyers looking for Fix and Flips, and rental properties. I can help with securing financing, investment analysis, rehab, and property management.To get an expert opinion on what your home is worth, or for a Buyer consultation, Call/Text or Email Kevin Fletcher at 303-818-4130, [email protected]
My name is Kevin Fletcher and I am a Denver native working with Exit Realty of Cherry Creek. I specialize in helping buyers, sellers and investors with real estate transactions in the Denver Metro Are....
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