At the end of the third quarter, housing market indicators continued to reflect a competitive market with demand from home shoppers that has rebounded from the pre-coronavirus level. Throughout the year, buyers have scooped up listings quickly. Home prices began to level off over the last couple of months, but are still higher than 2020 year-to-date figures due in part to mortgage rates that remain low.
After two consecutive months of decreases, prices saw a slight month-over-month increase in September while sellers brought slightly more new listings to the market. Compared to last September, prices were up 15% while the number of Closed homes was down 15%. As buyers and sellers prepare for changing seasons and month-over-month metrics fall, year-to-date Closed listings are at a record high for this point in the year.
HOMES CLOSED: Down 15%
The number of Closed homes in the Denver Metro area totaled , a 15% decrease as compared to the record-high closings we saw last September. From a month-to-month perspective, the market saw a seasonal decrease for the second consecutive month with closings down 8% compared to August.
The market remained active in September with the count of listings in Pending status hitting 5,630, a seasonal 7% decrease from last month and 5% fewer than September 2020’s record high.
HOME PRICES: Up 15%
The Average Closed price for a home in the Denver Metro area was $618,367, 15% higher than September 2020. After two consecutive months of decreases, prices saw a slight month-over-month increase, up less than one percent.
Single-Family Residences sold for an average of $689,216 in September, up 15% year over year. The price of Multi- Family/Condos/Townhomes was also up 15% from September 2020, at an average of $443,228.
NEW HOMES LISTED: Down 6%
In September, sellers added 6,146 New Listings to the market, 6% few than last year at this time but slightly more than last month.
The count of Active Listings of homes for sale at the end of September was 3,437, 33% fewer than last year and 1% fewer than the end of last month.
We currently have 3 weeks of inventory, that's 1 week less than last September and unchanged from last month.
DAYS ON THE MARKET: Down 10 days
In September, it took an average of just 13 days for homes to move from Active to Pending, 10 days fewer than last year but 2 days more than last month. On average, Single-Family Residences were on the market 13 days, while Multi-Family/Condos/ Townhomes were on the market 15 days.
The median number of days a home spent on the market in September was 5, which is 1 day fewer than September 2020.
At the end of the 3rd quarter, housing market indicators continued to reflect a competitive market with demand from home shoppers that has rebounded from the pre-coronavirus level. Throughout the year, buyers have scooped up listings quickly, in less than 2 weeks on average. Year to date more than half of available listing were under contract with a prospective buyer in 4 days or less. Home prices began to level off over the last couple of months. Still, they are 18% higher than 2020 year-to-date figures due in part to mortgage rates that remain low. Closed listings are at a record high for this point in the year. The number of New Listings is down 4% from last year at this time and 8% compared to two years ago, which is keeping inventory levels tight.
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