Have you been keeping an eye on the Denver Real Estate Market? It seems as though autumn started off well in Colorado, according to the Denver Metro Association of Realtors (DMAR) in their reports released for September/October; this in spite of the nationwide slump in housing sales. Are you looking to sell your home soon? Or perhaps thinking about moving into a better suited house for your needs? You might want to hear what’s up with the market. The Wise Team has been working diligently to keep an eye on trends. Here’s quick rundown of what the fall market looks like as we get closer to the holidays, where housing sales typically slow down.
The Denver Metro area saw a better month in October than it had in September, which continued overall trends leading out of the summer. With a slow, but steady, rise in housing sales one could hope for a great price when selling! But this also means prices are competitive for buyers. Fewer new residential listings came on the market; a total of 5,359 in October compared to 5,953 in September. If we look back at last year, though, we see a nearly 13% increase in new listings over last year’s 4,752. Though more houses are appearing each month almost all are going under contract (4,628 in total) with a sale rate slightly lower than that. This makes houses typically stay on the market for about 29 days on average. This duration is on par with previous months and years. On the whole this is a good sign for sellers since average prices rising month to month and sales rates still holding strong.
Buyers shouldn’t be frightened off the market though. There are signs that buyers could hold bargaining advantages as well. Nearly a month on the market, after having such quick turnover, can make some sellers nervous and more willing to negotiate. On average houses are closing a full percent below list price. Residential housing, which includes condominiums as well as single family detached homes, are selling at about $470,000 on average — up over 3% from last month and 7% from last year. Boulder County has staggering average sales prices: just over $675,000. We can thank the City of Boulder and the Foothills homes for the higher price average. The Luxury Market has seen the hardest hit in closing prices, down almost 3% from the listed price. This means you could find your dream home in the Front Range for a lower price than you’re seeing! Longmont itself has an average residential sale price of just over $400,000.
These statistics are much more appealing than a lot of other metro areas around the country. Colorado is still competitive for both buyers and sellers. Don’t get caught off guard. Check out the DMAR Website to see what the market looks like today to start your plans for your real estate changes. Check in with The Wise Team! We know the Denver Real Estate Market extremely well, especially in the Northern Metro area — Longmont, Loveland, Boulder — and will make sure we get the best price for your home!