Happy October! We have a few interesting trends happening in the Denver market. Our new listings actually went up from last month, albeit a very small gain, but still unusual as that graph generally trends down for the rest of the year. Pending sales dropped 6.48% from last month and closed properties dropped a notable 12.8% from last month.
The amount of closed properties were down 19.3% from September of last year. This is not surprising with the downturn from July and August and we expect closings to pick up in the 4th quarter and finish the year fairly strong. Annually, after 3 quarters are in the record books: active listings are down 25% through September last year and new listings are down 4% year over year.
The average price of a single family home was $686,982 in September and that’s a whopping 20.12% higher year over year! This fall market is an excellent time to list a home if you are a seller, as demand will continue through the 4th quarter. And this is also an excellent time to be a buyer, as it looks like we might see inventory possibly increase, or at least level out, and beat the potential rise in interest rates. Please call us if you have any questions or if you’d like a free valuation of what your home is worth. Scroll down for more detailed information on the market and don’t forget the LUXURY MARKET is below as well!