Fall is in full swing here in Colorado. The temperatures are dropping, the leaves are changing, and Christmas decorations are already bumping Halloween supplies off the shelves. As fall sets in, we tend to see the Real Estate Markets change with the seasons. Lets take an in-depth look at September's numbers. 

Denver Metro Real Estate, All Ten Counties:

5,524 properties sold this month

  • This is up down a little more than 12% from last month and 4.6% lower than September 2016.

$395,000 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 5.75% from September of last year.

$267,500 median sale price for Condos/Townhouses this month

  • This is down 2.7% from last month and is up a strong 10.3% from September 2016. The all time record of $278,000 was set in June 2017.

9,841 active listings available this month

  • This is is very similar to last month, down about 6%, it's also down 11.74% from the 11,151 listings we saw in September 2016.

97.5% was the average sale price, relative to the original listing price this month

  • This is down 2.5% from what we saw last month and down about 1% from September 2016.

 

Fun fact: This year has been a record setting year for the Denver Metro area. Despite what you might hear about how quickly homes are selling, the market average for the Denver Metro area shows it takes 23 to sell the average home. 

Denver City Limits:

1,106 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 slightly lower than last month, showing a decrease of 2.3%, however this shows an increase of 9.2% from this time last year.

$310,000 median sale price for Condos/Townhouses this month

  • This is down 4.6% from last month and up 10.7% from September 2016. 

1,920 active listings available this month

  • This represents 17 fewer listings than last month and 264 fewer listings than this time last year.

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

  • This is down 0.7% from last month and down 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):

426 properties sold this month

  • This is 16.6% lower than last month but an strong 17.7% higher than September of 2016 where we saw 362 homes sell.

65 days was the average Days on Market this month

  • This is about a week longer than last month and 1 day more than this time last year.  

6.3 "Months of Inventory" in August 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. 

$877,000 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. 

2,648 active listings available this month

  • This is down slightly from last month and up 14.7% from this time last year.

94.8% 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 1.3% 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.