In September, more homes sold than any other September on record, yet Pending Listings slowed from the previous month indicating we may be starting to take a breather heading into fall. Prices continue to rise as compared to last year due in part to high buyer demand, limited inventory, and low interest rates.
Homes Closed: Up 26%
In September more homes sold than any other September on record. Throughout the month, 6,303 homes closed, a year-over-year increase of 26% and a 4% decrease month over month.
The count of listings in Pending status was 6,341, which is 26% more than September 2019. Homes in Pending status were 10% less than last month indicating the market may start taking a breather as we head into fall.
Homes Closed Year-Over-Year Change
September 2019 -- 5,021
September 2020 -- 6,303
Prices: Up 12%
The average price of a home in the Denver metro area in September was $538,376, a year-over-year increase of 12%. As compared to last month, prices saw a marginal increase.
Home price increases were driven by single-family residences, which sold for an average price of $598,875, a 13% year-over-year increase. The average price of multi-family/ condos/townhomes was $385,367, up 8% year over year.
Average Closed Prices Year-Over-Year Change
September 2019 -- $480,661
September 2020 -- $538,376
New Listings: Up 9%
Throughout September, 6,563 new listings of homes for sale hit the market, which is 9% higher than September of 2019. Compared to last month, the count of New Listings saw a seasonal decrease of 5%.
At the end of September, there were only 5,159 Active properties on the market, 46% fewer than last year at this time and 11% lower than last month.
Currently, there is 4 weeks of inventory, 5 weeks fewer than this time last year and unchanged from last month.
New Listings Year-Over-Year Change
September 2019 -- 6,045
September 2020 -- 6,563
Days in MLS: Down 10 Days Less
Denver Metro homes spent an average of 23 days on the market in September, 10 days fewer than this time last year and unchanged from last month.
On average, single-family residences were on the market 26 days, while multi-family/condos/ townhomes were on the market 22 days.
The median number of days a home spent on the market in September was 6, down 10 days from last year.
Days on Market Year-Over-Year Change
September 2019 -- 33
September 2020 -- 23
Year to Date
Year-to-date measures indicate our strong buying and selling season has continued into September. The number of Listings Closed year to date is 3% higher than this time last year and the highest count we have on record. While New Listings remain tight, the year to date gap has shrunk to 4% less than this time in 2019. The average Closed Price is up 6% from last year due in part to high buyer demand, limited inventory, and low interest rates. Homes spent an average of 27 days in the MLS, 3 days less than the previous year.
Thinking about buying or selling a home?
If you're considering buying and or selling home this year, an experienced real estate agent can help you navigate market conditions, see new home listings as soon as they hit the market, negotiate an offer based on the true value of the home, and more! Contact me today, your local REALTOR® about housing market trends in your area.