According to the October Denver Metro Real Estate Market Trends Report from the Denver Metro Association of Realtors (DMAR), the end of September saw a 10.86% increase in housing inventory compared to the previous month. The October report showcases the September market transactions encompassing 11 counties of the Denver metro area.

In August, a relatively low number of houses hit the market, which was reflected in the number of closed properties in September: 5,233 homes, which is 12.81% lower than the same time period the month prior. It’s also a staggering 19.27% lower than last year at this time.

The most competitive segment of the market — excluding the $99,000 and below homes — were homes in the $300,000 to $399,999 price range.

According to DMAR, the surprising number for this category was that there were 218 closed properties, showing that you can indeed find a single-family detached property under $400,000.

This price point had just about half a month of inventory. A balanced market ranges from about four to six months of supply, DMAR says. When there’s a low number of months’ supply of inventory, it’s a sellers’ market. In total Denver real estate, months of inventory increased to 0.76, which might not feel like a huge increase, but it gives potential buyers a few more options.

DMAR experts agree that even though prices are up over 15.11 percent (on average) year-over-year, now is still a good time to buy. With the low-interest rates expected to increase coupled with a seasonal increase in inventory, waiting will only cost you more money in the future.

Other report highlights include:

·       For September 2021, there were 6,125 new residential listings for attached and detached homes. The month before, there were 6,110 new listings and a year ago there were 6,478 new listings.

·       At month's end, there were 3,971 active residential listings. That figure includes both attached homes, such as condos, and detached homes, like single-family houses. It’s 10.86% higher than the prior month, but 25.09% down year over year.

·       The median closing price was $530,000 — down 0.56% from the month prior but up 15.22% from the year before.

With more choices available and competition declining a bit, now could be a great time to become a homeowner. Give Metrowest a shout today – let’s discuss your options!