Where is our Denver market headed from a short-term perspective? Let’s look at a few key factors and analyze their numbers.
Inventory for condos and single-family homes for the month of September was at the highest level it’s been since 2013. For single-family homes, there were 7,950 available listings, which was an 8% increase compared to September 2016. For condos, there were 2,075 available listings, which was a 22% increase compared to September 2016.
From August to September, the average sale price of single-family homes dropped from $466,055 to $457,836, but that latter number is still a 5% year-to-date increase from September 2016. For condos, the average sale price also dipped slightly from August to September to $311,157, but year-to-date that’s up 8% compared to September 2016.
Is demand keeping up with the increase in inventory? Absolutely. By the end of September, there were 35,597 total sales recorded since the beginning of the year, which was a 9% increase compared to the year-to-date total of September 2016. The year-to-date number of sales for condos was 13,095, which was also a 9% increase compared to last year.
Lastly, the average days on market for single-family homes was 28 days, which was pretty close to last year. For condos, the average days on market was 22 days.
Looking back at these numbers, we’re having a tremendous year with one of the highest sale totals we’ve ever recorded. Interest rates are also holding steady right around 4%, which is a historic low. The bottom line is it’s a great time to buy or sell.
If you have any further questions about our Denver market or you’re thinking about buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.