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Denver Real Estate Market Report for October 2019

Posted at 11/05/2019 01:15 PM by Jennifer Black

market report denver oct 2019

See below for our full report for October 2019 and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market each month. To get on the email list, please reach out to marketing@usajrealty.com and request to be added.

Update on the Denver Housing Market

The number of homes sold as well as homes for sale was down across Denver month over month, and prices were up yet again. The average sold price for a home in metro Denver for October was $486,390, a 3.54 percent jump from October 2018 and a 1.22 percent increase from September.

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Inventory was down 7.85 percent month over month (from 9,286 in September to 8,557 in October). It is pretty typical to see this decrease as we get closer to the holidays and the end of the year. The number of days on the market remained the same from last month: 33.

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Read next: Rent vs Buy? More Millennials are Buying Denver Homes

DMAR reports that with the combo of low inflation, increased wages, low interest rates and low appreciation, housing is at its most affordable point since the early 90s.

With the combo of low inflation, increased wages, low interest rates, and low appreciation, housing is at its most affordable point since the early 90s.

If you are weighing your options of buying or selling this year or in 2020, a Usaj Realty broker would be happy to assist you in expertly navigating the Denver market. Many factors go into deciding what could be right for your particular situation, so sitting down with an expert can be a great opportunity to discover the best route for you.

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Key takeaways for October 2019 via DMAR:

Stats below include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties
  • Active Inventory in October 2019: 8,557
    • September 2019: 9,286
    • August 2019: 9,350
    • July 2019: 9,359
    • June 2019: 9,520
    • May 2019: 8,891
    • April 2019: 7,012
    • March 2019: 6,292
    • February 2019: 6,017
    • January 2019: 5,881
    • December 2018: 5,577
    • November 2018: 7,530
    • October 2018: 8,539 
    • September 2018: 8,807
    • August 2018: 8,228
    • July 2018: 7,643
    • June 2018: 7,436
    • May 2018: 6,437
    • April 2018: 5,160
    • March 2018: 4,619
    • February 2018: 4,084
    • January 2018: 3,869
    • December 2017: 3,854
    • November 2017: 5,131
    • October 2017: 6,312
    • September 2017: 7,586
    • August 2017: 7,360
  • Median Sold Price for a condo in Denver metro in October 2019 was: $306,875
    • September 2019: $312,000
    • August 2019: $310,000
    • July 2019: $312,000
    • June 2019: $310,000
    • May 2019: $315,000
    • April 2019: $305,000
    • March 2019: $300,000
    • February 2019: $297,500
    • January 2019: $290,000
    • December 2018: $298,225
    • November 2018: $299,450
    • October 2018: $299,250
    • September 2018: $301,625
    • August 2018: $299,000
    • July 2018: $300,000
    • June 2018: $305,000 
    • May 2018: $306,331
    • April 2018: $297,000
    • March 2018: $295,000
    • February 2018: $296,000
    • January 2018: $285,000
    • December 2017: $285,000
    • November 2017: $272,000
    • October 2017: $275,000
    • September 2017: $268,000
    • August 2017 $275,000
    • July 2017: $270,100
  • Median Sold Price for a single-family residence in Denver metro in October 2019 was: $456,000
    • September 2019: $450,000
    • August 2019: $459,900
    • July 2019: $469,912
    • June 2019: $465,000
    • May 2019: $470,000
    • April 2019: $460,000
    • March 2019: $450,000
    • February 2019: $430,100
    • January 2019: $425,000
    • December 2018: $430,000
    • November 2018: $427,000
    • October 2018: $435,000
    • September 2018: $428,000
    • August 2018: $445,000
    • July 2018: $450,000
    • June 2018: $452,500
    • May 2018: $450,000
    • April 2018: $455,000
    • March 2018: $440,875
    • February 2018: $435,000
    • January 2018: $416,000
    • December 2017: $415,000
    • November 2017: $405,000
    • October 2017: $415,000
    • September 2017: $409,000
    • August 2017: $410,000
    • July 2017: $420,000

See All Denver Condos for Sale

 

In the News: What's Happening in Denver

Price reductions happening 40 percent of the time

"In September, 40 percent of sold properties reduced the asking price prior to receiving an offer. This compare to 35 percent the year prior. Those properties that reduced price spent an average of 59 days on market compared to 14 days for those with no price reductions." - DMAR

Denver’s housing inventory is up—which means buyers are taking their time

"While Denver has not yet reached the status of a buyer’s market—except in the luxury condo segment—the city is seeing signs of slowdown. For one, the number of price reductions and the gap between list price and sold price has increased. For the first time in four years, the year-to-date close-price to list-price dipped below 100 percent to 99.31 percent in September. While home appreciation has slowed, the average sold price of a home in September was still up 6.06 percent (at $483,734) compared to last year, and 2.52 percent ($487,814) compared to the beginning of the year." - 5280

Here's where all those Colorado transplants are coming from

"The figures show that fewer than half of the folks currently living in Colorado have original roots. Of the total population, 5,695,564 (an increase of 88,410 from 2017), only 2,388,284 million started out here...more than 135,000 New Yorkers. Over 155,000 Illinois natives who reached their limit. A whopping 200K from Texas. And so many Californians that if they all lived in one place, it would instantly become the fourth-largest city in the state. If that doesn't put Colorado's incredible growth into perspective, nothing will." - Westword

Metro Denver home listings drop in October

"For months now, the question in metro Denver’s real estate market has been where have the buyers gone? But in October, a whole bunch of sellers went missing in action as well. Sellers listed 5,425 homes on the market last month, a decline of 10.1% from September, according to the latest market trends report from the Denver Metro Association of Realtors." - Denver Post

In the News: What's Happening Nationally

People are staying in their homes longer—a big reason for slower sales

"Homeowners nationwide are remaining in their homes typically 13 years, five years longer than they did in 2010, according to a new analysis by real-estate brokerage Redfin. When owners don’t trade up to a larger home for a growing family or downsize when children leave, it plugs up the market for buyers coming behind them." - Wall Street Journal

"Interest rates still matter for housing. The Fed’s first two rate cuts this year helped stabilize the housing market, which had been heading for a major slump. On Wednesday, the Commerce Department said that construction added to gross domestic product in the third quarter after six quarters of contraction. And lower rates could give another jolt to a refinancing boom that has injected billions of dollars into the economy in recent months. But few economists expect the housing market to take off in response to this week’s rate cut, because rates aren’t what was holding back housing in the first place. Instead, they point to other factors." - New York Times

The biggest housing boom in history has just begun

"Remember, the most important driver of home prices is supply and demand. Today, supply is tight. And with record numbers of house hunters entering the market, it all but guarantees the housing boom will continue and likely accelerate." - Forbes

Report for October 2019:

Read Denver Metro Association of Realtor's full report on last month's Real Estate trends and statistics in Denver here.

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And as always, please let us know if you have any questions! 

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Topics: Denver Real Estate Market