According to a monthly update from the Denver Metro Association of Realtors (DMAR), the inventory of available properties in November dropped by a third from October of this year. Buyers likely noticed prices creeping upward due to the shortage.

DMAR reported there were 1,444 single-family homes for sale at the end of November, down 38.4% from October and 17.7% from a year earlier. The supply of condos and townhomes fell 21.6% month-over-month and 51.6% on the year to 804 listings. Normally, the inventory of homes for sale drops 11.4% between October and November, and last month’s decline was one for the record books.

November’s inventory was also a record low for the month, according to the report. Andrew Abrams, chairperson of the DMAR Market Trends Committee, which compiles the monthly report, noted that if December sees a 25% drop in inventory from November, metro Denver could end the year with just 1,686 active properties.

A nearly 30% drop in new listings compared to October contributed to the inventory shortages, but new listings last month were on par with November 2020. Demand is still strong, with 4,392 closings but only 3,741 new listings hitting the market. Closings were down 10.4% from October, but that appears to be more about a lack of homes to buy. Half of new listings went under contract in five days or less after hitting the market.

The lack of supply is once again putting upward pressure on home prices, which had shown signs of leveling off. The median price of a single-family home sold in November rose 2.7% from October to $600,000, tying the record high reached in June. The median sales price for condos and townhomes did reach a record $390,000 in November, up 4% from October. Median single-family home prices are up 17.6% on the year, while condo prices are up 16.4%.

Much like the weather in Denver lately, our real estate scene isn’t showing many signs of cooling. Still, mortgage rates are still very low and if you’re a motivated buyer, the right house could be just around the corner. If you’re ready to become a homeowner this holiday season, give Metrowest a shout – we’d love to discuss your options!