The November Denver Metro Real Estate Market Update and market final figures for October shows listings DOWN 46% from October 2019. This lack of homes for sale (4,442)) is creating bidding wars again. To put that in historic perspective a normal inventory of homes level is normally around 20,000.
Buyers put 6,158 homes Under Contract – a 27% INCREASE from October 2019. So last month buyers put more homes (6,158) Under Contract than we had in inventory at the end of the month (4,442). WOW!
The Average Sold Price increased last month to $561,197 in October compared to $537,560 in September. Look at that PRICE JUMP. On an annual basis it's up 16% 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 October 5,368 homes were sold/closed. The absorption rate has dropped again – if no other home came on the market it would take approximately 24 days to absorb/sell all the homes currently on the market (4,442). 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 November Denver Metro Real Estate Market Update with the final October statistics.
PLUS: Whenever you are ready, here's some ways I can help with your real estate goals:
1) Obtain my free handbook on “How to Sell Your Home for Top Dollar – Fast”
What you’ll learn from this handbook is going to give you a big advantage over your competition. It could literally be the difference between thousands of dollars in your pocket or thousands of dollars in your buyer’s pocket – Click Here
2) Obtain my free Home Prices Report on Your Specific Neighborhood
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.
Click Here for a Home Prices Report
3) Obtain my free handbook on “Room by Room Review”
One of the biggest stumbling blocks in deciding whether or not to move is deciding what needs to be done to transform your home from the way people live in a home to the way people want to showcase their home. This handbook steps you thru the different things you might want to consider in preparing your home for sale.
Also….check these out??
Denver Home Finder Service
Denver Home Seller Service
Cherry Creek School District Homes For Sale