October 2018 Housing Market Statistics
While home sales in the Denver area were down 11% compared to October 2017, year-to-date sales are only 3% lower than this time last year. The housing market saw an increase in new listings during October, up 13% compared to last year.
In October, 4,416 homes sold, 11% less than last year, but 1% more than last month. Year to date, sales are only 3% lower than this time last year.
The number of homes that moved to Under Contract in October was 10% lower than last year. Throughout the month, contracts were placed on 4,625 homes, a 5% increase from last month.
Home Sales Year-Over-Year Change
October 2017 -- 4,971
After experiencing decreases for three consecutive months, the average price of a single-family home increased in October to $470,385, 3% higher than last month and 7% higher than last year.
The average price of a single-family detached home was $523,579 up 8% year over year. Prices of condos/townhomes were up 3% from last year, to $341,765.
Sold Prices Year-Over-Year Change
October 2017 -- $440,014
New and Active Listings
In October, 5,360 new listings of homes for sale were added to the greater Denver area market, 10% less than last month and 13% more than last year at this time.
The count of active listings of homes for sale continued to increase. At the end of October, there were 8,498 active listings, 2% less than last month and 61% higher than this time last year.
We have 8 weeks of inventory, 1 week less than last month, but 3 weeks more than last year at this time.
New Listings Year-Over-Year Change
October 2017 -- 4,740
Average Days on Market
In October, homes spent an average of 47 days on the market, 7 days more than both last month and this time last year. On average, single-family detached homes were on the market for 38 days, while condos/ townhomes were on the market for 66 days.
The median amount of time a home spent on the market in October was 17 days, 5 days more than this time last year. More than half of all homes on the market continue to sell in just over 2 weeks.
Days on Market Year-Over-Year Change
October 2017 -- 40 days
The Greater Denver Metro Market by Price Range
Homes priced in the $300-500,000 range typically comprise more than half of all Denver Metro sales. In October, 52% of homes sold were priced in this range and they sold in an average of 41 days. Additionally, 49% of all new listings that came on the market were priced $300-500,000. Compared to last year, home sales in the $300-500,000 price range were down 7%, which is less than the 11% decrease seen from overall year-over-year home sales. Homes priced below $400,000 sold the quickest in October, staying on the market an average of 31 days or less.