Denver Market Update - October 2015
The Denver real estate market has enjoyed a strong market spring and early summer, but the early Fall buying season picked up after Labor Day. Inventory is decreasing, which is normal this time of year. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a 5% decrease in listings over the prior month and we have seen the inventory decreasing over the last couple of months. The lowest the inventory got was 5,087 as of end of February when the frenzy began for the spring buying season. These numbers represent a 7% increase in listings over the previous year. We are still hearing homeowners fearful of listing their property and not finding a replacement property! Sold property saw a 5% decrease over the prior month and the under contract properties saw a 1% decrease over the prior month. The days on market increased to 27 days (increase from 24 days last month).
Here is a chart showing what the days on market have done from 2012 through 2015 -
Buyers are seeing a few more homes to choose from in any neighborhood, and the well-priced homes that are ready to move in are going quickly, and some are seeing multiple offers, but not as many as we saw earlier this year. As we enter into December, this may change significantly.
Sellers - there are buyers are there viewing and buying homes! It is still a good time to list, but somewhere around the 2nd or 3rd week of November it will start to slow down until after Christmas.
The following data included both detached and attached properties across the Denver metro area. If you need more detailed information for your neighborhood, give me a call. Real estate is and always will be local.
Like to know how this years' sales compare to last year? The new listing inventory decreased this last month and most likely with for the month of December too. The lowest the inventory got was 5,087 in February 2015. Here is the Market Snapshot for the year to date information -
** Market data courtesy of REColorado
Denver's unemployment rate is 4.0% (September 2015) with the national average at 5.0%. Colorado's population is 5.272 million, the Denver metro area is 2.951 million and Denver proper is 649,000.
Homeowners - if you have thought about selling and would like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.
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