October 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 $672,600 IN SEPTEMBER DECLINED 5% FROM LAST MONTH AND DECLINED 2.5% FROM LAST YEAR.
Quick Stats:
- Average active listings for September is 15,253 (1985-2021).
- The record-high for September was set in 2006 with 31,450 listings, while the record-low was set in 2021 with 3,971 listings.
- Historically, active listings increase by an average of 0.7% from August to September. This year's 3.7% rise indicates strong late-season growth in inventory.
Happy fall y'all!
For those of you in the market to buy and hoping to see prices come down, your wish has come true (sorry homeowners!). During the month of September, the average home price in Denver metro decreased by a whopping 5%! And this is during the month when the Fed finally lowered their rate by 50 basis points. Mortgage rates took a dip prior to the Fed's rate cut, but actually have been rising ever since the rate cut for various economic reasons.
Also likely affecting the lack of demand is the upcoming presidential election. Election years are typical for sidelining buyers as there is so much economic uncertainty. Thus, I expect there to be even more price reductions for the next 30 days in Denver. Then it's TBD how the market will react post-election.
Also of significant note, we now have 3.6 months of housing supply. This is the highest it has been during my eleven year career. This almost guarantees pricing to come down in the next 30 days as as supply currently outweighs demand.
Buyers- if you've been waiting for good pricing, I'm not sure there's a much better time than now after a 5% decrease in values. There are many listings that have been on the market for a while and sellers are more open to taking way less than list price than ever before. Rates are still extremely likely to come down in 2025 and 2026. Smart buyers know they will refinance at a better rate within the next two years.
Sellers- have realistic expectations and make sure you're well-educated on your specific neighborhood. Prepare your property well and price reasonably. And have a plan B in place if you have to list this fall.
As always, don't hesitate to reach out for more specific information for your specific needs!
Best,
Florence Realty Co.
