Following a Strong Summer, Denver Metro Housing Market Continues Traditional Seasonal Cooling
As the weather cools and kids go back to school, home buyers and sellers across Colorado prepare for winter. Traditionally, the housing market slows down during the winter months in Colorado. We are seeing signs of a market that is becoming more pleasing
to the buyer. Here’s a peek at the housing market statistics in Denver Metro for September data:
September Housing Market Trends
In September, home shoppers found more inventory of for-sale homes on the market. At September month end, there were 6,562 active home listings on the market, two percent higher than last month and the second highest we’ve seen all year. Although
the increase was welcome, inventory levels remain tight, 28 percent lower than we reported this time last year.
As compared to last month, the average sale price of a home in the Denver Metro area decreased very slightly, bringing the third consecutive month of lower prices. In September, the average sale price for a single-family home was $425,136, less than
one percent lower than last month, but still ten percent higher than this time last year. As compared to last month, the average price of a single family detached home remained relatively unchanged, while the average price for a condo/townhome decreased
by nearly three percent.
September home sales were strongest in the $300,000 to $500,000 price range, where half of the month’s home sales took place. Homes priced above $500,000 comprised nearly 25 percent of all sales.
Fewer homes were sold during September than August, with 21% fewer home sales. At current absorption rates, there is 7 weeks of inventory of homes for sale for Colorado home buyers. That’s up from 5.5 weeks in August 2017. This means the housing market
is slowing down for both buyers and sellers.
However, seasonal cooling affects different price segments of the market in different ways. With half of homes sold in the $300-500K price range, homes priced in that range continue to move quickly.
The graph above shows Denver Metro counties with the average home price and average days on market in each county. Counties where the average home price fits in the $300-500K range typically see faster sales. In Adams and Arapahoe counties, for example,
a home is on the market for only 19 days on average.
For most buyers, that means it isn’t yet time to relax. If you are looking for a home in the $300,000 to $500,000 price range, consider these tips for finding a home in a fast-paced market.
While overall September trends show the market cooling, year to date home sales are strong compared to previous years. So far this year, year to date home sales in the Denver Metro area are up 12% more than last year. Looking further back, that’s
a 97% increase as compared to this time in 2012.
To see more housing market statistics from this month in an infographic, view the REcolorado Market Watch for September 2017.
If you are considering buying or selling a home in the Denver area, contact me to find out if now is the time to buy or sell your Denver metro home based on your circumstances. I have the local knowledge and market expertise to help you navigate
this housing market.
If you have any real estate questions, feel free to contact your Parker real estate experts, The Bandy Team
! Let us show you homes in Parker
, including real estate in Canterberry
properties in The Pinery
or homes in Stonegate
We are here to help you find your dream home and will guide you every step of the way!
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Until next time,
Marianne Bandy, Team Leader
The Bandy Team
- EXP Realty
DenverHomeSearcher.com - Denver Real Estate & Homes
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