Metro Denver Real Estate Market Update, October 9, 2020

Last month was the most difficult month ever to buy a home in Metro Denver. Low interest rates and a desire for more space propelled buyers into the market. Record low inventory, stricter lending standards and high home prices made the market extremely competitive. It was difficult for many buyers to get the homes they wanted. Our clients were competing against over 20 other offers in some situations!

September Numbers

  • Average Closed Price – All Types of Homes: $538,992
  • Median Closed Price: $461,000
  • Closed Homes: 5,880
  • Average Number of Days in the MLS: 23
  • Active Listings at the End of the Month: 5,301

Metro Denver Real Estate Market Activity

If you’re thinking of selling a home, now is a great time to get top dollar. You won’t have as much competition as in previous years and low interest rates, changing demographics and increasing wages are driving people to buy. As always, it’s important to price your home properly. In August, over 25% of homes that sold were reduced in price before they were sold. Homes with price reductions were on the market for an average of 58 days compared to 12 days for those without price reductions. For a free, no-obligation in-home evaluation of your home’s value, give The Principal Team a call at 720-408-7409.

During the last week:
New Listings – 1318
Back On Market – 314
Price Increase – 218
Price Decrease – 972
Pending – 2154
Withdrawn – 216
Closed – 2419
Expired – 427

Previous week:
New Listings – 1408
Back On Market – 278
Price Increase – 409
Price Decrease – 915
Pending – 2134
Withdrawn – 198
Closed – 2044
Expired – 487

Based on data from REColorado®

Ready to get moving? We’re happy to help.
Call David and Tom at The Principal Team at 720-408-7409.