November Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $687,917 IN OCTOBER DECLINE 0.1% FROM LAST MONTH AND ROSE 4.2% FROM LAST YEAR.
Quick Stats:
- Average active listings for October are 14,755 (1985-2022).
- Record-high October was 2006 with 29,722 listings and the record-low was set in 2021 with 3,376 listings.
The historical average decrease in active listings from September to October is 6.9 percent. This year’s decrease of 1.9 percent represents a meaningful change from our seasonal expectations.
Hey! Zach Florence here with Florence Realty Co. bringing you this month's market report. Our months of housing supply increased in September to 2.4 months, which was a noticeable increase. However, it did hold steady throughout October as we are still looking at 2.5 months. I'm keeping a close eye on this statistic since it shows us not where the puck is but where the puck is heading. At present, there is still not enough supply to meet demand, as both are down. The imbalance still exists, which is evident by the fact that though we now have had 7%+ interest rates for over a year, prices have still climbed during the past year. But remember Denver's cyclicality -we're in the middle of the fall and winter annual slump, so expect prices to continue to fall until our appreciation cycle begins again in February or March of next year.
Lastly, interest rates- they're on a roller coaster! They touched 8% percent in October but as of the recording of this video on November 3rd, they've come back down to the mid 7's. If they come down much further, expect some buyers who've been on the fence to reenter the market and create some more demand! As always, don't hesitate to reach out for more information or questions about your particular needs. Thanks!
