October 2021 Exhibits Consistency With Past Years
In a year of turbulence, October represented a month of ease in the bumpy Denver real estate market. Across the board, the majority of statistics were seasonally consistent with what Denver has seen in years past, boding well for more households.
In Month-End Active Inventory, Denver Saw When Lower Numbers Change, They Yield Higher Percentages
At the end of October, there were 3,376 properties on the market, a 14.98% decrease from the previous month. The amount of listings also decreased by 13.28%, showing minimal changes in the month-end inventory.
While Properties Are Still Closing Above Asking, Realities Caught Up With Expectations
At 101.82% of the list price, buyers can be grateful that the extreme bidding wars are less common, and those without 20% to put down have a fair shot at a house, and the continued low interest rates can keep monthly payments down.
In the Luxury Market, Sellers Also Had a Lot To Be Thankful for in October
With homes only taking 25 median days in MLS to sell and sellers receiving 101.77% of their list price, luxury sellers have great opportunities to sell quickly and for top dollar. New listings were down 19.51% from the prior month and down 5.94% from one year ago. As soon as a listing came on the market, it was under contract, with 421 homes moving to pending status, up 4.21% from last month. With fewer homes on the market, Denver saw a 17.01% decrease in our sales volume month-over-month and a 12.04% dip year-over-year.
October Ultimately Showed That Even Though the Homebuying And Selling Process Is Hard, There Is Still Hope
Realtors® have had to re-strategize as buyers have felt demoralized and sellers have had to move, but there have been more homes purchased year-to-date than years past, and seasonal effects have re-opened the door for those that had previously felt discouraged from the buying process.