The holidays are here. Thanksgiving is just two weeks away and there are only 6 weekends left before Christmas. You'll hear that the Real Estate market tends to slow down in the winter time, so let's take a look and see if the market has indeed slowed down.

Denver Metro Real Estate, All Ten Counties:

5,524 properties sold this month

  • This is up 3.5% from last month and 4% higher than October 2016.

$399,900 median sale price for Single Family Homes this month

  • This is down from the record $410,000 we saw in June, but it is up a strong 7.5% from October of last year.

$275,543 median sale price for Condos/Townhouses this month

  • This is up 3.0% from last month and is up a strong 12.5% from October 2016. This is just shy of the all time record of $278,000 that was set in June 2017.

8,931 active listings available this month

  • This is is very similar to last month, down about 9%, it's also down 17.5% from the 10,828 listings we saw in October 2016.

97.7% was the average sale price, relative to the original listing price this month

  • This is down 0.2% from what we saw last month and down about 0.1% from October 2016.

 

Summary: While we often hear that the market tends to slow this time of year, based on the numbers we see here, it would appear that the market is still pretty hot. We have seen a little slow down compared to our peak earlier this summer, but our agents are still seeing multiple offers on some properties. 

Denver City Limits:

1,089 properties sold this month

  • This is down 14.9% from last month and it is down about 13.2% from September of 2016 when we saw 1,274 homes close in Denver.

$415,000 median sale price for Single Family Homes this month

  • This is higher than last month, showing a increase of 4.9%, this shows an increase of 9.7% from this time last year. This is just shy of the record set in June 2017.

$350,000 median sale price for Condos/Townhouses this month

  • This is up 11.2% from last month and up 15.3% from September 2016. This represents a new record for Attached homes in Denver. The previous record was $347,500 set in April 2017

1,651 active listings available this month

  • This is 16% fewer listings than last month and 24.5% fewer listings than this time last year.

98% was the average sale price, relative to the original listing price this month

  • This is the same as we saw last month and is the same rate from this time last year.

 

Fun fact: While homes in Denver generally sell for more compared to the rest of the market, they actually take the same amount of time, on average, to sell as the rest of the market. Homes in Denver spend 23 days on the market on average. 

Luxury Market for The Metro Area (over $700,000):

498 properties sold this month

  • This is 16.9% higher than last month and an impressive 34.9% higher than October of 2016 where we saw 369 homes sell.

71 days was the average Days on Market this month

  • This is 2 days longer than last month and 9 days less than this time last year.  

5.4 "Months of Inventory" in October 2017

  • The number the pros watch most closely. We are starting to see a shift in the luxury market. This month's numbers indicate we are in a well balanced market. This means that the market does not favor either the buyer or the seller. 

$882,000 median sale price for Single Family Homes this month

  • Over the past year, this number has trended in the mid to upper $800's. This is slightly higher than what we saw last month. This is in-line with the overall trends in this price point, though it's a slight decrease from the recent peak of $927,500 this past January. Due to the generally low number of sales in the luxury segment compared to the market as a whole, we can see an artificial volatility with sale prices. The decrease in median sale price alone is not necessarily reflective of the change in the market. 

2,466 active listings available this month

  • This is down slightly from last month and up 10.2% from this time last year.

95.2% was the average sale price, relative to the original listing price this month

  • This is very much in line with historical trends for this time of year and given the current market shift. It represents a slight decrease from last month. It does suggest that buyers in this price range expect a little room for negotiation so it is imperative to price your house correctly the first time.