As Realtors, we are questioned quite frequently about the housing market and where it is going. This winter, like the winter season traditionally does, the Denver Metro housing market is predicted to cool down a bit.
With the cold weather rolling in and children being back in school, homeowners are much less inclined to sell or move. The latest report from REColorado shows that this trend is definitely showing up in the Denver metro market.
Below are a few housing market stats for the Denver Metro area in the month of September ’17:
During the month of September, there were 6,562 total active listings, with 5,501 of them being new listings to the market. The average sales price was $425,136, and the median sales price was $370,000. 4,262 total listings sold, and 4,930 listings went under contract! The average days a listing spent on the market was 27, and there are approximately 7 weeks of inventory.
Overall September had 21% fewer home sales than August. The fact that the market is at 7 weeks worth of inventory means that the housing market is slowing down for the winter season, because that number is up from the five and a half weeks of inventory in August.
So far in 2017, there was been $17.7 million in home sales in the Denver Metro area, which is a 97% increase as compared to home sales in 2012.
Stay tuned in November for the Denver Metro’s market statistics for October.