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You are here: Home / Blog / So, How’s the Market? | October 2023

So, How’s the Market? | October 2023

November 10, 2023 By The Denver 100

Highlights:

  • High mortgage rates and elevated home prices continue to impact the Denver metro housing market.
  • The median price of a home increased by 2%, $580,000 total.
  • There were 6% fewer closings this October when compared to last year.
  • Year to date, home sales in the Denver Metro area are down 19% from last year.
  • In October, there were 3,803 fresh listings added to the market, this was 1% less than new listings last year. This number is down 17% from September.
  • Buyer activity picked up in October, pending listings were 1% higher than last year and 5% higher than last month. Listings are staying on the market for a little bit longer, which is helping inventory levels inch up.

Closed Listings:

  • The number of listings that closed in October was down 12% from last October. From September, closings dropped by 6%. We have seen a decline in closings for the last 2 months.

Closed Prices:

  • The media closed price of a Denver Metro area home was $580,000, which is 2% more than last year at this time. Prices saw a decrease of 1% from September to October.

Days in MLS:

  • In October, homes spent a median number of 17 days in the MLS.

New Listings:

  • In October, there were 3,803 new listings added to the market, which was 1% less than last year and 17% less than September.

Pending Listings:

  • Throughout the month of October, buyers executed contracts on 3,165 home listings. Pending listings were up 1% from last year and 5% from last month.

Activity by Price Range:

  • The market that includes Multi-family/Condo/Townhomes and Single-Family Residences saw the most homes sold in the $500-600,000 price range. This price range also saw the largest number of new listings enter the market in October. Homes in the $200-300,000 and $400-500,000 price ranges spent the fewest number of days on the market.

Active Listings and Volume:

  • Standing inventory, was 2% higher than last October, with 7,538 homes actively available for sale in the Denver Metro area. The gross sales volume in October was 8.5% lower than October of last year.

Filed Under: Blog, Monthly Market Update Tagged With: Agent, Colorado, Colorado Real Estate, Denver, Denver Housing Market, Denver Local, Denver Real Estate, Denver Real Estate Company, Denver Residential Real Estate, Market Trends, Market Update, Real Estate, Real Estate Agent, Real Estate Market, Real Estate News, REALTOR, REALTORS, Single Family Home, so hows the market, The Denver 100

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