It’s become infinitely more important as it’s our refuge, our workplace, classroom, meeting room, restaurant, escape and for some, our isolation. The Denver Metro Association of REALTORS® (DMAR) October Market Trends Report highlights how this resurgence in our home has played out in the stats.
- We have the lowest amount of homes for sale for any September at 5,301 homes, which consequently is only a mere 950 homes more than Denver-area’s all-time inventory low
- Buyers put your sneakers on because homes are selling in six days, the fastest for any September on record
- Be ready to pay more. Denver’s median closed price hit a record high at $461,000. Consequently, that’s more than the sellers were asking, as the close-to-list price for September was 100.41%
- Even with this low inventory, we sold 5,850 homes, more than any September on record
- With another record 6,376 pending sales teed up for October
- Sellers, I see you are trying. 6,376 new listings came on the market; but with demographics and interest rates favoring buyers, it simply isn’t enough
Denver’s real estate market has not only recovered from March and April’s loss; it has picked up the pace from January and February. As of the end of September, year-to-date closed homes were up 1.61% over last year and sales volume was up 7.53%. The median close price was up 6.9% - that’s an incredible equity win for our homeowners. So the question is when will this end? Or worse, will it POP?
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500 Englewood, CO 80110
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