Denver Home Prices Tick Up Slightly

Earlier this month the Denver Metro Association of Realtors (DMAR) reported that prices for metro Denver-area homes rose for the first time in four months, although just slightly. But the inventory of available for-sale homes continues to increase as does the time it’s taking to sell homes.

According to DMAR data, the average price for a Denver-area home stood at $671,024 in September, up 2.2% from August and 8.41% from a year ago. The median price also rose slightly, less than 1% from last month to $580,000.

The number of listings jumped to 7,683, up 10.72% from the prior month and a whopping 93.48% from a year ago. Days-on-market average stood at 26 days in September, up 100% from a year ago, according to the report.

Libby Levinson-Katz, chair of the association’s Market Trends Committee, said she believes we are moving toward a balanced market, which we haven’t seen in over 16 years. She also pointed to a common statistic for realtors — the number of months of inventory. Metro Denver is reaching two months’ worth of inventory, with some submarkets close to three months — namely homes selling for $100,000 to $199,999 and those costing more than $1 million.

Traditionally, a market with less than three months of inventory is considered a seller’s market. In direct relation to that, a market with more than six months of inventory is considered a buyer’s market, which means that three to six months of inventory is defined as a balanced market.

As Denver continues inching to a more balanced market, is now the time to consider your next home purchase? There’s only one way to find out. Contact Metrowest today and let’s discuss your options!