Denver Real Estate Market Update – October 2019
Average home sales price in the Denver metro area came in at $483,734 for the month of September. That was down just 0.56 percent from August and up 6.06 percent year over year.
Over the last few years Denver homeowners have been enjoying double digit gains in home value. Since mid 2018 Denver has seen it’s year over year gains decreasing. Earlier in the summer we saw a year over year gain as low as 1.5 percent. But those gains have slowly been increasing. And this month we sit at a comfortable 6.06 percent increase. We did not see any year over year decreases, as some predicted.
The average price for a single family detached home came in at $535,032. And the average price for an attached home came in at $357,500.
4,506 homes sold in the Denver area in September. This was down 20.22 percent from August. This is a seasonal drop, which is to be expected. Home sales were up 2.22 percent over 2018. This I did not expect is one indication that we are still in a strong market.
September ended with 9,286 homes on the market. This was down 0.68 percent from August. And up 5.44 percent from September of 2018. Although Denver currently sees increased housing inventory, that gap has narrowed a bit. In the spring of 2019 we saw inventory with a year over year increase as high as 45 percent.
Average days on the market in September came in at 33 days. This was up 6.45 percent from August and up 22.22 percent from September 2018.
We hear a lot of chatter about a balancing market. And some even claim we are bound for a bubble burst. Yes, buyers are enjoying a bit more inventory than the prior years. But inventory is still tight. A market is considered a seller’s market if there is five months or less housing inventory. Right now Denver has just over two months of housing inventory. That still puts Denver in a strong seller’s market.
Also, If we compare 2019 to the prior four years, we see that so far 2019 has the 2nd highest number of homes sold. 2019 is leading the four prior years in sales volume and shows the highest average sales price. 2019 is looking like it will finish out quite well here in Denver. Be sure to watch the video above to take a look at the current market compared to the last 5 years.
Looking 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 home sales.