The October Denver Metro Real Estate Market Update and market final figures for September shows listings DOWN nearly 47% from September 2019. This lack of homes for sale (7,051)) is creating bidding wars again. To put that in historic perspective a normal inventory of homes level is normally around 20,000.
Buyers put 8,988 homes Under Contract – a 22.9% increase from September 2019. So last month buyers put more homes (8,988) Under Contract than we had in inventory at the end of the month (7,051). WOW!
The Average Sold Price increased last month to $540,112 in September compared to $534,475 in August. 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 Sept 7,929 homes were sold/closed. The absorption rate has dropped again – if no other home came on the market it would take approximately 27 days to absorb/sell all the homes currently on the market (7,051). 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 October Denver Metro Real Estate Market Update.
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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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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