October 2017 Market Watch
The latest housing market statistics are in! REcolorado data showed that home values in the Greater Denver Metro Area remained strong while inventory tightened with fewer new homes for sale on the market in October 2017.
View the REcolorado Denver Metro Market Watch video below:
Denver Metro Housing Market Slowing Down for Fall
Fewer new listings and fewer home sales, typical of a seasonal decline in demand. With fall setting in across Colorado, we typically see a drop of in new homes for sale as fewer potential home buyers are looking for homes. This demand in both drop and supply show a seasonal slow down for the housing market in Colorado.
This also means that homes stay on the market a little longer this time of year. In October, homes spent an average of 29 days on the market (two days more than September 2017).
Home Prices Rising Again
The average sale price of a home increased in October, up to $437,996. This comes after three consecutive months of decreasing prices:
This marks an increase from both last month (four percent higher), and last year. The average sold price for homes in October 2-17 was 12% higher than the same time last year, October 2016.
Home Buyers and Sellers
If you are looking to buy or sell a home in Colorado, the first thing you should do is connect with a local REALTOR® or real estate agent. Your real estate agent can help you determine the best options for your family and help you navigate the changing housing market.
For home buyers waiting on the housing market to pick up again next spring, check out Things to do NOW if you’re Planning on Buying a Home Next Year.