The latest REcolorado real estate market stats indicates Denver Metro home values remained strong in October, with home sale prices increasing. Inventory tightened during the month, as fewer new listings of homes for sale came to the market. A brief overview is below. Click here to read the press release in full.
Click the button below to view the newly-redesigned Market Stats Infographic for October. Additionally, check out the video above and feel free to share both the video and the infographic on your blog and social media pages!
Home Sales Price Increase
After seeing three consecutive months of decreasing prices, the average sale price for a single-family home in October was $437,996, four percent higher than last month. As compared to last year, the average price of a single-family detached home is up 12 percent, while the average price for a condo/townhome is 15 percent higher.
As expected, home listings experienced a seasonal 20 percent month-over-month decrease. As a result, October ended with 5,283 active home listings of homes for sale, 19.5 percent lower than the end of September.
Throughout the month, a total of 4,270 homes sold, nine percent less than last month and a year-over-year decrease of eight percent. At the current sales rate, there is five weeks of inventory, down two weeks as compared to last month.
In October, homes spent an average of 29 days on the market, two days more than both last month and last year. Homes continue to move quickly in counties with average home prices in the $300,000 to $400,000 price range. In Adams County, where the average sold price was $336,091, homes spent an average of 21 days on the market.
October home sales continued to be strongest in the $300,000 to $500,000 price range, where nearly half of the month’s home sales took place. Five years ago, sales of homes priced the $300,000 to $500,000 range comprised 23 percent of all sales, with the bulk of sales coming in the $150,000 to $300,000 price range.