It’s that time of the month again! Take a look at the Denver Metro Area market statistics.
Highlights
- Closings and Record-High Median Prices –October market activity surpassed what we’ve seen over the last two years. More homes closed in October than during the same month in both 2023 and 2022. The median closed price for single-family homes rose to $599,000, the highest on record for October. This rebound follows a price dip from August to September and shows a 4% increase month-over-month.
- More Listings Hit the Market, Boosting Buyer Options – Sellers added 4,644 new listings to the market in October. This influx represents a 22% increase over last October, but a seasonal 8% month-over-month decrease of 8%.
- Buyer Activity and Contracts Continue Upward Trend- Buyer activity continued to gain traction, with contracts executed on 3,619 homes in October—23% more than the previous year and 3% higher than last month. Pending home sales, a leading indicator for future sales. The median time it took a listing to go from active to pending rose slightly to 27 days, a 10-day increase from October 2023 and just a one-day increase from September.
Closed Listings
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The number of listings that closed in October was 13% higher than this time last year and 6% higher than last month.
Closed Prices
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In October, the median closed price of a Denver Metro area home was $599,000 which is 3% higher than last year. After seeing a decrease from August to September, closing prices rebounded in October and were 4% higher than last month.
New Listings
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Denver Metro home sellers added 4,644 new listings to the market, 22% more than last October, but 8% less than last month as the traditional market cooling took effect.
Pending Listings
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Throughout the month, buyers executed contracts on 3,619 home listings. The number of listings pending sale in October was 23% higher than last October and 3% higher than last month.
Days in MLS
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Days in MLS counts the number of days a listing was actively available in REcolorado’s MLS system before a contract is executed. In October, homes spent 27 days in the MLS, 10 days longer than last year at this time, and 1 day longer than last month.
All Data is taken from ReColorado, November 11, 2024.
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