The Denver Metro Association of Realtors Market Trends report for October is out. Here is a quick overview of what September real estate looked like in the 11 county metro area.
The average price of a single family home was $502,034 in September, which was a decrease of 3.79% from August, but still 6.08% higher than in September of 2017. Since our record high home prices in May and June of this year, we have seen the average price drop 4.9%. This is to be expected as we move into the last half of 2018.
While the average days on market for condos increased month over month by 20% to 24 days, the average days on market for single family homes actually decreased by .31% to 27 days. Active inventory continues to increase. Both month over month and year over year have gone up. We are currently seeing 16.10% more properties for sale than we did in September of 2017. It is also worth noting that inventory is up 7.04% over August. This represents 2.33 months of available inventory for single family homes and 1.93 months for condos. Typically we see an decrease in inventory at this time of year.
Increased inventory is one of the factors that points a a market that is starting to shift back to normal, although we are still far from a full reversal to a buyers market. This shifting market actually means it is a good time to sell if you are wanting to buy another home since there are more choices available and less of a frenzied feel to the home search. However, Buyers are urged to make their decisions before the interest rates continue to rise. It has been announced that there is one more rate hike planned for 2018, plus three rate hikes planned for 2019 and two for 2020. These rate hikes are an indication of a strong economy.
Reach out if you are considering Buying or Selling a home and we can talk about what I do to help my clients succeed. I will always be honest with you about the market and what needs to be done to help you reach your real estate goals!