Two weeks ago, the national average interest rate for a 30-year fixed mortgage was 8.03%.
Today, the average is 7.41%. This drastic drop will provide some relief to buyers.
This past week, the number of sellers who reduced their asking price outnumbered the number of new homes on the market. Sellers must price competitively. Sellers who don’t are seeing their homes linger on the market for a very long time or not sell at all.
Let’s see what happened in the market last month.
Our local market in October:
Residential – Detached and Attached Homes
Average Closed Price: $687,917
-11.58% month-over-month
-15.72% year-over-year
Median Closed Price: $585,000
0.00% month-over-month
+2.63% year-over-year
Active Listings at the End of the Month: 7,482
-1.93% month-over-month
+2.63% year-over-year
Closed Homes: 2,986
-11.58% month-over-month
-15.72% year-over-year
Average Days in MLS: 32
+6.67% month-over-month
+14.29% year-over-year
Detached Homes Average Closed Price: $772,601 Median Closed Price: $649,000 Active Listings at the End of the Month: 5,289 Closed Homes: 2,105 Average Days in MLS: 32 | Attached Homes Average Closed Price: $485,580 Median Closed Price: $425,000 Active Listings at the End of the Month: 2,193 Closed Homes: 939 Average Days in MLS: 31 |
Let's make it happen!
For assistance before you buy or sell a home, contact David and Tom at The Principal Team. Call us now at 720-782-2468 or schedule a time for us to call you.
Schedule a CallDuring the last week:
New Listings – 971
Back On Market – 233
Price Increase – 75
Price Decrease – 1389
Pending – 987
Withdrawn – 252
Closed – 821
Expired – 240
Previous Week:
New Listings – 1143
Back On Market – 260
Price Increase – 105
Price Decrease – 1627
Pending – 1057
Withdrawn – 183
Closed – 921
Expired – 253
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Based on data from REColorado®
Trends in Metro Denver
- Home Prices
- How Long It Takes to Sell a Home
- Prices Per Square Foot
- Showings Until Pending
- Active Listings
- New Listings
- Closings
Real Estate News
Mortgage Rates Continue Cautiously Lower
Bypassing mortgage rates: Share of US homes bought with cash hits highest level in nearly a decade
Why home prices won’t crash in the next recession
“David helped us buy our home 6 years ago and now helped us sell it! We had many friends that are realtors but decided to use David again for this sale as we had a great experience the first time around. We could not be happier with the outcome. We have a big move coming up and needed someone who is reliable, honest and knowledgeable. David did not disappoint! Our house sold in 4 days and the closing went very smooth! We highly recommend David’s services. Thank you David!”
– Annelies & Jason H., Broomfield