Denver’s Housing Market Evolves
Active inventory at the end of October was down slightly compared to September, and although it is up 116% compared to a year ago, it is still below the pre-pandemic active inventory of 8,600 listings at this time in 2019. The average number of days on the market continue to rise as many sellers are still pricing based on peak activity and have not made the correct adjustment to the current market.
October’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was down 1% compared to the previous month but up 8% from October 2021;
- The average days in the MLS were up 8% from the prior month and 100% from a year ago; and
- Active listings at month end were down 5% from August but up 116% from this time last year.
Several market factors are in play right now. Homes are on the market longer, giving buyers more options. At the same time, inflation and rising interest rates are decreasing buyer demand and making sellers more likely to delay listing until the peak selling season. However, this may be a good time for those thinking about selling since interest rates will likely continue to rise and buyers may want to buy a home sooner rather than later.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of October 1, 2022, through October 31, 2022, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.