Greater Denver Metro Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
Denver Metro home closings in October continued to cool down with closings down 18% compared to last year and down 4% compared to September. However, October also saw a record-high number of listings in Pending status, up 9% from last month and 1% higher than last year, which signals that we could see a strong number of home sales as we close out the year.
After a surge during the summer months, home prices have begun to level off. While the Average Closed Price was relatively unchanged from September to October, it was still 9% higher than October 2020. Single-Family Residences sold for an average of $684,034 in October, up 10% year over year. The price of Multi-Family/Condos/Townhomes was up 13% from October 2020, at an average of $441,991.
Looking to Buy?
Sellers added 13% fewer New Listings than last year at this time and 14% fewer New Listings compared to last month, so there isn’t as large a selection of homes available in the Denver market right now compared to a few months ago. Also, because the demand for homes is still very high, we have low levels of standing inventory.
The decrease in homes on the market combined with high prices could make it difficult for buyers who have a long list of must-haves. But there is hope! If you want to buy right now, while prices have leveled off, it would be a great time to expand your search criteria and consider different areas. Visit REcolorado.com to explore Colorado communities or contact a local real estate agent to learn more about where you can find the best home for you.
If you’re looking to sell, this is still a good time to put your home on the market. While home prices have leveled off a bit, they are still 17% higher than we saw at this point in 2020. Thanks in part to favorable interest rates, buyers are not shying away from higher priced homes and have purchased 34% more homes in the $1M+ price range as compared to this time last year.
Homes are also selling quickly. Once they hit the market, they are moving to Pending status in an average of just two weeks. Connect with a real estate agent to learn more about how your home could perform in the current market.
The Average Closed Price for a home in the Denver Metro area in October was $612,153, 9% higher than we saw at this point last year. To put this into perspective, ten years ago the average home price was $281,926. So, if you bought two homes in October 2012, the combined price would still be less than what it costs to purchase one home today.