The Denver Metro Association of Realtors' Market Trends report for November is out. Here is a quick overview of what October real estate looked like in the 11 county metro area.
The housing market is still strong and moving forward, but at a slightly slower pace. Since we have been moving at breakneck speed the last four years, it feels more jarring. The average price of a single family home was $526,092 in October, which was a increase of 4.90% from September, and 8.43% higher than in October of 2017.
While the third quarter sales were down 4.9% year over year, the median sold price is up a healthy 7.5%. We are still in a Seller's Market and, overall, prices are up. There have been a lot of price reductions this fall, which is linked to increased inventory and the seasonal slow down that occurs each fall.
Buyers considering waiting out the market may want to make their move soon as it is predicted by CoreLogic that Buyers purchasing a home next July may experience a nearly 10 percent increase in mortgage payments due to rising interest rates. Now is a great time to buy a home with more options available and the ability to lock in a lower interest rate.
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!