November Market Report - Metro Denver

During the month of October, supply dipped slightly and demand increased slightly. This resulted in our months of housing supply (the ratio of supply & demand) to finally come down after a few months of increase. This is significant in that it "stops the bleeding" as it keeps our market more balanced. This is evidenced by the fact that both median and average pricing were up during the month of October (4.3% and 4.9% respectively). And it brings our annual appreciation to a very middle-of-the-road 3.7%. 

The presidency and the Senate races have both gone red. If Republicans also win the house majority, then many economists predict mortgage rates will continue to rise in the short-term. We're currently in the low 7s for a 30-year fixed mortgage. 

Presidential election years bring so much uncertainty and I anticipate many buyers will begin to make moves, especially beginning in the new year. However, supply and demand will almost certainly decline over the next 60 days. 

Sellers -prepare and price accordingly if you're listing before the new year. And listen closely to the market in the new year as many other sellers are holding out to list until January/February. 

Buyers -if you want the best pricing of the year, consider doing some holiday shopping. You'll likely find the best pricing with less supply and higher rates keeping your competition at bay. 

As always, don't hesitate to reach out for any more detailed statistic particular to your needs! 

Best,

Florence Realty Co.