October 2017 Housing Market Statistics
Denver Metro Home Prices Remain Strong as Available Inventory Sees Seasonal Decline
The latest data from REcolorado, the provider of REcolorado.com, a free home search site for Colorado home buyers, sellers, and renters, show home values remained strong, with home sale prices increasing in October. Inventory tightened during the month, as fewer new listings of homes for sale came to the market.
After seeing three consecutive months of decreasing prices, the average sale price of a home in the Denver Metro area increased last month. In October, the average sale price for a single-family home was $437,996, four percent higher than last month, and 12 percent higher than October 2016. As compared to last year, the average price of a single family detached home is up 12 percent, while the average price for a condo/townhome is 15 percent higher.As Autumn sets in, we typically see a drop off in new listings of homes for sale, as well as a decrease in demand. This October followed suit, with new home listings experiencing a seasonal 20 percent month-over-month decrease. As a result, October ended with 5,283 active home listings of homes for sale, 19.5 percent lower than the end of September.
Throughout the month, a total of 4,270 homes sold, nine percent less than last month and a year-over-year decrease of eight percent. At the current sales rate, there is five weeks of inventory, down two weeks as compared to last month.October home sales continued to be strongest in the $300,000 to $500,000 price range, where nearly half of the month’s home sales took place. Over the last several years, activity in this price range has seen a market increase. Just five years ago, sales of homes priced $300,000 to $500,000 comprised 23 percent of all sales, with the bulk of sales coming in the $150,000 to $300,000 price range.
As demand decelerates, homes are staying on the market a little longer. In October, homes spent an average of 29 days on the market, two days more than both last month and last year. Homes continue to move quickly in counties with average home prices in the $300,000 to $400,000 price range. In Adams County, where the average sold price was $336,091, homes spent just 21 days on the market.
