The December Denver Metro Real Estate Market Update and market final figures for November shows listings DOWN 47% from November 2019. This lack of homes for sale (5,107)) is creating bidding wars again. To put that in historic perspective a normal inventory of homes level is normally around 20,000.
Buyers put 6,530 homes Under Contract – a 20% INCREASE from November 2019. So last month buyers put more homes (6,530) Under Contract than we had in inventory at the end of the month (5,107). WOW!
The Average Sold Price decreased last month to $538,108 in November compared to $561,197 in October. On an annual basis it's up 12.6% from a year ago. If buyer demand stays steady and number of homes for sale stays low, prices will continue to increase because of the #1 rule in economics of supply and demand.
In November 6,530 homes were sold/closed. The absorption rate has dropped again – if no other home came on the market it would take approximately 18 days to absorb/sell all the homes currently on the market (5,107). Anything under 6 months absorption rate is a sellers’ market, so we’re still in a very strong sellers’ market with less than a month of inventory.
That means it’s a very, very good time for sellers to sell but a buyer may experience bidding wars.
That’s the December Denver Metro Real Estate Market Update with the final November statistics.
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You’re thinking about selling your home, but you are not sure what the real estate market is doing. You don’t even know what the neighbors down the street sold their home for last month. You want to know what homes around you are selling for, but you’re really not ready to meet with a realtor yet.
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