01 May Your Denver Market Update for This Fall
Fall is a beautiful time to be in the real estate market. As we head into the winter months, now is a great time to buy or sell a house. Buyers tend to be more serious this time of year and there is usually more inventory on the market.
As far as market trends go, we are starting to see some price reductions. There are not quite as many multiple offer situations as there used to be, either, which is also good news for home buyers.
In the single-family home market, inventory has not increased since last year. Right now, there are 7,350 homes on the market. The condo market saw a 2% increase in inventory year over year with 1,700 condos on the market.
As far as days on market, the average for single-family homes is 28 days, which is just one day higher than it was at this time last year. The average days on market for condos has remained flat, as condos are selling in an average of 20 days. As you can see, most properties are selling in less than a month, which is incredible!
The average sales price is still the highest Denver has ever seen. Single-family homes have an average sales price of $435,000, which is 9% higher than it was last year. However, the average price remained steady through June, July, and August, so we’re not seeing as many leaps and bounds as we were. Prices are starting to level off.
The same is true for condos. Although prices have not increased in the last three months, the average condo sales price increased 13% year over year to $287,751.
The number of home sales for single-family homes only increased by about 1%; condo sales increased by 4%.
Now, everyone wants to know what’s happening with interest rates. We don’t know exactly when, but interest rates will go up at some point in the future. Right now, you can get a conventional loan at 3.625% or an FHA loan at 3.25% interest. If you are thinking about buying a home, I highly recommend taking advantage of these low rates.
All in all, it’s a great time to be in the market. The Denver market is still strong, but the leaves might not be the only things changing in the near future. If you have any questions about our market, give me a call or send me an email. I would be happy to help you!