Denver Metro's Housing Market: September 2021

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Market Trends

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.

 

YEAR-TO-DATE:


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.

 

 

Thinking about buying or selling a home?


If you're considering buying or selling a home, contact me today, your local real estate agent and experienced REALTOR to 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!