Resurgence of HOME and how it affects the Denver real estate market
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?
Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500 Englewood, CO 80110
303-214-6393
www.TheRuethTeam.com
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