For Denver’s housing market, late spring and early summer brought three things: low inventory, fierce competition, and rising home prices. Unfortunately, fall isn’t bringing much relief, as we saw more records broken in October.

According to the latest report from the Denver Metro Association of Realtors (DMAR), active listings across both detached and attached single-family homes at the end of the month stood at 4,821, a record low for October by nearly 2,000 listings.

Other highlights from the report include:

·       The low level of inventory hasn't yet slowed down the pace of sales. There were 5,984 closed transactions in October, a 16.33% year-over-year increase. November appears poised for another big month, with a record 6,141 pending transactions at the end of October.

·       This pressure among buyers to find a home in this market has resulted in an increase in prices. The median closing price for a detached single-family home was $519,900 in October, up 14.26% from a year ago and 1.94% from September.

·       The median closing price for an attached home, such as a townhome or condominium, was $339,425, up 9.85% from a year ago and 1.32% from September.

·       Not surprisingly, buyers are also having to move more quickly. Homes spent an average of 24 days on the MLS, another record low for October.

·       The market for detached luxury homes (priced at $1 million or above) saw a marked increase in activity with 425 closings in October, up 16.76% from September and 115.74% from a year prior.

The Denver market remains tight, but there are still some fantastic opportunities to be found if you have the right team on your side. Contact Metrowest today – we’d love to discuss your options!