In a year of continued turbulence, October represented a month of relative ease. This last month signaling gratitude across the housing industry. Across the board, the majority of statistics were seasonally consistent with what Denver has seen in years past. This bodes well for more households having the ability to host a Thanksgiving dinner. With prices staying consistent month-over-month, the door has opened for buyers that were previously exhibiting burn out in the home search. We highlight some of the key points from this month’s real estate market update:
Inventory
In the month end active inventory, Denver saw that when lower numbers change, they yield higher percentages. At the end of October, there were 3,376 properties on the market, a 14.98 percent decrease from the previous month. The amount of listings also decreased by 13.28 percent. This showed minimal changes in the month end inventory.
There were over three times more single-family properties closed last month in the $500,000-$750,000 category than any other price point. However, currently there are more single-family detached properties available over $1 million than any other price point. This is far less surprising than the quantity of for sale properties between $500,000-$750,000.
This month’s report showed that even though the homebuying and selling process has been hard, and agents have had to constantly re-strategize as buyers have felt demoralized and sellers have had to move, there is still much to be thankful for.
There have been more homes purchased year-to-date than years past, seasonal effects have re-opened the door for those that had previously felt demoralized from the buying process, and Denver is quickly moving into holiday season, where there are consistently gaps of buyer demand leading into the holiday season.
Luxury Real Estate
In the Luxury Market, sellers also had much to be thankful for with homes only taking 25 median days in MLS to sell, and sellers receiving 101.77 percent of their list price.
While luxury sellers have great opportunities to sell quickly and for top dollar, Denver did not see as many homes come on the market, with new listings down 19.51 percent from the prior month, and down 5.94 percent from one year ago. As soon as a listing came on the market it was under contract, with 421 homes moving to pending status, up 4.21 percent from last month. With less homes on the market, Denver saw a 17.01 percent decrease in our sales volume month-over-month, and 12.04 percent dip year-over-year.
Buyers moved quickly as single-family luxury new listings were down 19.45 percent month-over-month but down 3.30 percent year-over-year. There were 352 new single-family listings and 366 of those were pending in October. Sellers had to move quickly as well as an average single-family luxury home was only on the market 26 days and sold for 101.83 percent of the list price.
As you can see the market is still a good place for buyers and sellers. Let us help you with all of your real estate needs today!
View the full November Real Estate Market Update:
