According to the most recent Denver Metro Real Estate Market Trends Report, both home sales and active listings in metro Denver dropped in October, with the housing market running much cooler than this time last year. This report is compiled by the Denver Metro Association of Realtors (DMAR).

Sales of single-family homes and condos fell 8.3% to 5,169 between September and October and they are down by a fifth from October 2020. But that slower pace of closings didn’t translate into a higher supply of unsold homes on the market. The inventory of 3,376 homes and condos at the end of last month represents a 15% decline from September and a 30% decline from October 2020.

It is common for the number of active residential listings in metro Denver to drop between September and October as activity slows. Since 1985, that monthly drop has averaged around 5.8%. October’s inventory decline of 15% marks the second largest on record after a 16.8% decrease in October 2017, according to the report.

In comments included with the report, Andrew Abrams, chairman of the DMAR Market Trends Committee said that if you are a picky buyer, you’ll need to be patient as there are clearly not a lot of available properties. However, the tight supply isn’t providing sellers the same advantages it did earlier in the year. While there is still a premium paid over the list price of 101.8%, Abrams said extreme bidding wars are less common.

The median price of a single-family home sold in metro Denver last month was $585,000, an increase of 1.6% from September and 13.6% from October 2020. The median price of a condo or townhome sold was $375,000, down 1.2% from September and up 11.7% from a year earlier.

The report noted that the heaviest volume of sales and the highest available inventory for single-family homes last month was in the $500,000 to $750,000 range.

Is now the right time to start checking out the Mile High real estate scene? There’s only one way to find out. Give Metrowest a shout today – we’d love to discuss your options.