REcolorado Market Watch: Denver Metro Area
Monthly Housing Market Statistics: October 2020

Homes Closed

In October, more homes sold than any other October on record. Throughout the month, 6,368 homes closed, a year-over-year increase of 24% and a 1% decrease month over month. 

The count of listings in Pending status was 6,158, which is 27% more than October2019 and 2% more than last month, indicating the market has remained strong through the early fall months.

Homes Closed Year-Over-Year Change

October 2019 -- 5,144
October 2020 -- 6,368
+24%

Prices

The Average Closed Price of a home in the Denver metro area in October was $561,197, a year-over-year increase of 16% and 4% higher than last month. 

The Average Closed Price for single-family homes was $614,090, a 17% year-over-year increase and a 3% month-over-month increase. Multi-Family/ Condo/Townhomes Closed for an Average Price of $413,192, a 6% year-over-year increase and a 2% month-over-month increase.

Average Closed Prices Year-Over-Year Change

October 2019 -- $483,658
October 2020 -- $561,197
+16%

New Listings

Throughout October, 6,098 New Listings of homes for sale hit the market, which is 12% higher than October of 2019. Compared to last month, the count of New Listings saw a seasonal decrease of 7%.

At the end of October, there were only 4,442 Active properties on the market, 46% fewer than last year at this time and 14% fewer than last month. 

Currently, there are 3 weeks of inventory, 4 weeks fewer than this time last year and 1 week less than last month.

New Listings Year-Over-Year Change

October 2019 -- 5,432
October 2020 -- 6,098
+12%

Days in MLS

Denver metro homes spent an average of 24 Days in the MLS in October, 10 days fewer than this time last year and 1 day more than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 26 days.

The median number of days a home spent in the MLS in October was 6, down 11 days from last year.

Days on Market Year-Over-Year Change

October 2019 -- 34
October 2020 -- 24
-10 days

Year to Date

Year-to-date measures indicate our strong buying and selling season has continued into October. The number of Closed Listings year to date is 5% higher than this time last year and the highest count we have on record. While New Listings remain tight, the year-to-date gap has shrunk to 2% fewer than this time in 2019. The average Closed Price is up 7% from last year due in part to high buyer demand, limited inventory, and low interest rates. Homes spent an average of 27 days in the MLS, 3 days less than the previous year.