As we head into November, home shoppers and the Denver Metro Area housing market prepare for the holiday season. Home sales leveled off in October, remaining fairly consistent compared to last month. Year to date, home sales are only 3% lower than this time last year. Meanwhile, 13% more new listings came on the market across Denver.
More New Listings Hit the Market in October
Over 5,000 new homes came on the market during the month of October, ending the month with nearly 8,500 active listings or 8 weeks of inventory. While inventory is down slightly compared to last month (9 weeks in September 2018), this is good news for buyers. More homes spending more time on the market gives home buyers a greater advantage during the fall compared to the fast-paced, highly competitive market we saw this summer.
If you’re interested in buying a home, connect with a REALTOR® to learn more about housing market trends in the neighborhood or city where you’re interested in purchasing a home. Your real estate agent can provide tailored advice based on local data and your personal goals and situation. Find an experienced agent near your on REcolorado.com.
Home Values Continue a Steady Climb
After three consecutive months of decreases, the average price of sold homes increased in October, 3% higher than last month. Year over year, home prices have maintained a steady rise, with October sale prices up 7% compared to last year.
As leaves continue to fall and winter draws nearer, the housing market continues to find balance. Home buyers and sellers can benefit from the expertise and guidance of a local REALTOR® to navigate local market conditions.
Real estate is local. That means home buyers need a local expert. An experienced real estate agent can provide detailed housing market information for the specific location where you want to buy or sell a home. Not all neighborhoods, or even homes, experience the housing market in the same way. A REALTOR can offer valuable real estate advice and local information.
Connect with a local REALTOR and ask them about the housing market in your specific area. They can help you navigate the housing market now or prepare to sell your home after the holiday season.
For even more information about the housing market, view the detailed market watch report from REcolorado.