Cooler Weather In Denver Brings With It A Seasonal Slide In The Real Estate Market

Dated: 11/05/2019

Views: 74

Image title

The number of new listings added to the Denver-area housing inventory in October was down 10.14 percent month over month, but still up 4.37 percent year to date. The 5,425 homes added to the market was the lowest number of new listings in a given month since February. The average days on market year to date was at 30, up 25 percent compared to last year which was at 24 days.

“We continue to see price reductions and longer days on market,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “Of the closed transactions in October, 40 percent had to make a price reduction. That impacted home sellers in a big way. When sellers had to drop their price, their homes were on the market for an average of 59 days. When a home hit the market at the right price it was only on the market for 14 days.”

According to Schafer, the fewer new listings added to the market may have contributed to the decline in home sales in October, down 6.40 percent compared to September, but still 1.85 percent more year to date compared to last year.

The housing price range that saw the biggest reductions prior to an accepted contract were homes priced over $1 million where the average price reduction was $149,742. In the entire residential market, homes priced under $500,000 had average price reductions between $10,750 to $21,362. Notably, in October, the average sold price of a single-family home was $533,483, up 1.96 percent year over year, and the average sold price of a condo was $365,665, up 6.95 percent year over year.

“Overall, the numbers show there is continued demand for homes in the Denver area,” adds Schafer. “Furthermore, interest rates remained low, job numbers were still strong, foreclosures and short sales were rare and mortgage delinquency rates were some of the lowest in the country.”

Blog author image

Jason McLaughlin

Jason has lived in the Golden and Arvada area for more than 25 years attending Golden High School and then later gaining a Bachelors of Science Degree in Organizational Leadership and Emergency Manage....

Latest Blog Posts

Holiday Events In Castle Rock

'Tis the Season to be Jolly! If you're looking for some festive fun, Castle Rock has plenty of events this holiday season to keep you feeling in the spirit! For details about some of the events

Read More

The Meadows In Castle Rock

The Meadows in Castle Rock is a Highly desired neighborhood that offers it's residents easy access to Denver, Colorado Springs, Trails, Parks, upscale Grocery options, restaurants and night life

Read More

Down Payments Explained

A down payment is the amount of cash a home buyer puts toward the price of anew home. It accomplishes a few things; first it reduces the amount of money youneed to borrow and it reduces the risk the

Read More

Did You Move

We communicate so much over text, phone, apps and emails that giving people your physical mailing address and writing letters is rare.  Generally,  in today's world, it takes a special

Read More