Denver Metro Home Prices Remain Strong as Available Inventory Sees Seasonal Decline
The latest data from REcolorado for October 2017 shows home values remained strong, with home sale prices increasing in October. Inventory tightened during the month, as fewer new listings of homes for sale came on the market.
View the Latest 2017 REcolorado Market Watch Infographic.
Market Stats at a Glance:
After seeing three consecutive months of decreasing prices, the average sale price of a home in the Denver Metro area increased last month. In October, the average sale price for a single-family home was $437,996, four percent higher than
last month, and 12 percent higher than October 2016. As compared to last year, the average price of a single family detached home is up 12 percent, while the average price for a condo/townhome is 15 percent higher.
As Autumn sets in, we typically see a drop off in new listings of homes for sale, as well as a decrease in demand. This October followed suit, with new home listings experiencing a seasonal 20 percent month-over-month decrease. As a result,
October ended with 5,283 active home listings of homes for sale, 19.5 percent lower than the end of September. Throughout the month, a total of 4,270 homes sold, nine percent less than last month and a year-over-year decrease of eight
percent. At the current sales rate, there is five weeks of inventory, down two weeks as compared to last month.
October home sales continued to be strongest in the $300,000 to $500,000 price range, where nearly half of the month’s home sales took place. Over the last several years, activity in this price range has seen a market increase. Just five years
ago, sales of homes priced $300,000 to $500,000 comprised 23 percent of all sales, with the bulk of sales coming in the $150,000 to $300,000 price range.
As demand decelerates, homes are staying on the market a little longer. In October, homes spent an average of 29 days on the market, two days more than both last month and last year. Homes continue to move quickly in counties with average
home prices in the $300,000 to $400,000 price range. In Adams County, where the average sold price was $336,091, homes spent just 21 days on the market.
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 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.
If you are considering buying or selling a home in the Denver area
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.
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Marianne Bandy, Team Leader
The Bandy Team
- EXP Realty
DenverHomeSearcher.com - Denver Real Estate & Homes
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