What’s the news in Denver Real Estate this November?
I have October numbers in hand and the big news this month relates to inventory. Housing inventory has been an issue in Denver for the last few years. And October showed no relief. In fact, October showed record lows in inventory.
Inventory in October was down 16.79 percent from September and down 6.22 percent from October 2016. So why is inventory down so much in October?
Sold homes in October was actually down. Down 9.75 percent from September and down 7.94 percent from last October. However, it is important to realize that sold homes is actually more reflective of market activity in September or even late August. A real estate transaction typically takes 30 plus days to close. So the homes that “sold” in October actually went under contract in September and maybe late August.
In October, even though sold homes were down, under contract homes were up. And they were up quite a bit: 9.75 percent over September and 7.94 percent over last October.
Also, new listings were down: 16.79 percent lower than September and 6.22 percent down from last October.
The combination of the increase in homes that went under contract and the decrease in listings really made October tight in housing inventory.
The average price of a home in Denver in October was $443,873. This is up a whopping 3.89 percent over September. That’s quite a jump in a month. And up 11.85 percent over October 2016.
Let’s break that average home price down a bit into attached and detached homes. The average price of a single family detached home in October was $490,252. The average price of an attached home was $328,760.
2017 is up 3.3 percent in number of closings for the year over 2016. 2017 is on track to be a record breaking year for number of closings.
Be sure to check back next month for my next Denver real estate market update!
If you are planning to buy or sell a home in the Denver area be sure to contact Courtney Murphy today.
Courtney’s background in marketing and IT makes her the best candidate to sell your home effectively online.
And Courtney has a passion for helping buyers find the home of their dreams. She doesn’t stop until the job is done!