In October this year, we saw record breaking numbers for new listings, pending transactions, and closed homes as compared to any other October on record. As buyer demand continues to outpace supply, we are seeing an increase in home prices and a shortage of available inventory.
Homes Closed: Increased by 24%
In October, more homes sold than any other October on record. Throughout the month, 6,368 homes closed, a year-over-year increase of 24% and a 1% decrease month over month.
The count of listings in Pending status was 6,158, which is 27% more than October2019 and 2% more than last month, indicating the market has remained strong through the early fall months.
Homes Closed Year-Over-Year Change: +24%
October 2019 -- 5,144 Homes
October 2020 -- 6,368 Hones
Prices: Increased by 16%
The Average Closed Price of a home in the Denver metro area in October was $561,197, a year-over-year increase of 16% and 4% higher than last month.
The Average Closed Price for single-family homes was $614,090, a 17% year-over-year increase and a 3% month-over-month increase. Multi-Family/ Condo/Townhomes Closed for an Average Price of $413,192, a 6% year-over-year increase and a 2% month-over-month increase.
Average Closed Prices Year-Over-Year Change: +16%
October 2019 -- $483,658
October 2020 -- $561,197
New Listings: Increased by 12%
Throughout October, 6,098 New Listings of homes for sale hit the market, which is 12% higher than October of 2019. Compared to last month, the count of New Listings saw a seasonal decrease of 7%.
At the end of October, there were only 4,442 Active properties on the market, 46% fewer than last year at this time and 14% fewer than last month.
Currently, there are 3 weeks of inventory, 4 weeks fewer than this time last year and 1 week less than last month.
New Listings Year-Over-Year Change: +12%
October 2019 -- 5,432
October 2020 -- 6,098
Days in MLS: Decreased by 10 Days
Denver metro homes spent an average of 24 Days in the MLS in October, 10 days fewer than this time last year and 1 day more than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 26 days.
The median number of days a home spent in the MLS in October was 6, down 11 days from last year.
Days on Market Year-Over-Year Change: -10 days
October 2019 -- 34
October 2020 -- 24
Year to Date
Year-to-date measures indicate our strong buying and selling season has continued into October. The number of Closed Listings year to date is 5% 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 2% fewer than this time in 2019. The average Closed Price is up 7% 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 a home, contact me today, your local REALTOR® about housing market trends in your area. 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!