Denver Real Estate Market Update – November 2019
The average home price in the Denver area in October came in at $486,390. This was up 1.22 percent over September and up 3.54 percent over October of 2018. The average sales price for a detached single family home came in at $535,483. The average sales price for an attached home came in at $365,665.
The 1.22 percent increase in average sales price from September to October comes as no surprise. Typically we see a seasonal drop in sales price starting in June or July. For the last few years, we have seen a slight increase during the month of October and this year was no exception. We will likely see a slight decrease in average sales price in the coming months until February or March when we will see prices rise again.
The 3.54 percent year over year gain in sales price is a healthy place to be. Home owners are seeing gains in their home but the gains aren’t too aggressive. (Denver could only sustain double digit gains for so long)
4,654 homes sold in October which was down 6.4 percent from September. This was to be expected since as we head into the holiday season, less people are house shopping. Home sales were, however, up by 1.62 percent over October of 2018. A surprise by some who predicted 2019 to be a much slower year in our real estate market.
There were 8,557 homes on the market at the end of October. This was down 7.85 percent from the end of September. And up a mere 0.21 percent over October of 2018. Earlier in the year Denver saw significantly more housing inventory than 2018. In the spring Denver was seeing 45 percent higher inventory year over year. That gap has decreased significantly with nearly the same inventory this October as October of 2018.
Current average days on the market is 33 days. This is up 10 percent from last October. But 33 days is still pretty fast to get your home sold.
With just under two months of housing inventory, Denver still sits in seller market territory. It’s not as fast and furious as we’ve seen in the past few years, where at times Denver had under one month of inventory. But the sellers still hold the cards. A market is considered a seller’s market when there are 5 months or less inventory.
Planning to buy or sell a home in the Denver area? Contact Courtney Murphy! Courtney is a Denver metro Realtor and long time resident with experience in both resale and new built homes sales.