As we transitioned into fall, both the weather and number of home closings began to cool slightly according to market data. However, homes are still moving off the market at a brisk pace.
Last month, the number of Homes Closed was 15% fewer than the record-high closings we saw in September 2020. This is also the second consecutive month that showed a decrease in the number of closings in the Denver Metro area. Despite this seasonal slowdown, the market was still active last month with 5,630 listings in Pending status. Additionally, homes continue to move off the market quickly, remaining in Active status for an average of less than two weeks.
What does this mean if you are a buyer?
Although New Listings were down by 6%, there were still slightly more homes on the market than in August. While there may be less inventory, this is a good time of year to buy now that the summer’s home-buying frenzy has slowed down a bit.
What does this mean if you are a seller?
While some buyers might put their home shopping on hold this fall, the extremely limited inventory from this summer ensures there will still be many buyers who want to take advantage of the next few less competitive months. With fewer new listings on the market, your home is sure to stand out!
Jaw-dropping stat
The Average Closed Price for a home in the Denver Metro area was $618,367, 15% higher than September 2020! After two consecutive months of decreases, prices saw a slight month-over-month increase, up less than one percent.
Single-Family Residences sold for an average of $689,216 and Multi-Family/Condos/Townhomes sold for an average of $443,228, which are both up 15% from September 2020.
Compared to September 2016, the average home price has increased by 56%!
Whether you decide to act now or wait to buy or sell a home, an experienced real estate agent can be incredibly valuable. Contact us and we can help you buy or sell your property today!
