At the end of the third quarter, housing market indicators continued to reflect a competitive market with demand from home shoppers that has rebounded from the pre-coronavirus level. Throughout the year, buyers have scooped up listings quickly. Home prices began to level off over the last couple of months, but are still higher than 2020 year-to-date figures due in part to mortgage rates that remain low. Read on for more details from the REcolorado’s Market Watch Reports.
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Denver Metro Area
After two consecutive months of decreases, prices saw a slight month-over-month increase in September while sellers brought slightly more new listings to the market. Compared to last September, prices were up 15% while the number of Closed homes was down 15%. As buyers and sellers prepare for changing seasons and month-over-month metrics fall, year-to-date Closed listings are at a record high for this point in the year.
Sellers brought 108 New Listings to the market in September, ending the month with only 142 Active listings. Tight inventory has driven Median prices up 45% year over year, reaching $886,500 for a Routt County home in September. Homes spent a median of only 7 days Active in the MLS in September.
Home prices in Chaffee County continue to climb and set records. In September, the Median Closed Price reached $615,000, a year-over-year increase of 54% and a month-over-month increase of 7%. Chaffee County saw fewer homes close in September compared to both last month and last year, while inventory remains tight with fewer New Listings in September.
REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we provide housing market data and collaboratively produce statistics reports with local REALTOR® associations.