September 2018 Housing Market Statistics
The Denver Metro housing market saw a seasonal decrease in the number of home sales, down 15% compared to September 2017. Meanwhile, average sold price, days on market, weeks of inventory, and new listings continue to rise.
In September, 4,229 homes sold, 15% lower than last year and 25% lower than last month. Year to date, sales are only 3% lower than this time last year.
There was also a decrease in the number of homes that went under contract. Throughout the month, contracts were placed on 4,645 homes, a 5% decrease from last month.
Home Sales Year-Over-Year Change
September 2017 -- 4,994
Average home prices saw a decrease for the third consecutive month. In September, the average sale price of a single-family home was $457,697, 3% lower than last month. As compared to September 2017, home prices are up 7%. The average price of a single-family detached home was $503,497, up 6% year over year. Prices of condos/townhomes were up 12% from last year, at $394,410.
Sold Prices Year-Over-Year Change
September 2017 -- $426,843
New and Active Listings
In September, 5,953 new listings of homes for sale were added to the greater Denver area market, 11% less than last month and 2% more than last year at this time.
The count of active listings of homes for sale continued to increase. At the end of September, there were 8,642 active listings, 3% higher than last month and 32% higher than this time last year.
We have 9 weeks of inventory, 2 weeks more than last month.
New Listings Year-Over-Year Change
September 2017 -- 5,850
Average Days on Market
In September, homes spent an average of 39 days on the market, 6 days more than last month and 6 days more than this time last year. On average, single-family detached homes were on the market for 32 days, while condos/ townhomes were on the market for 55 days.
The median amount of time a home spent on the market in September was 14 days, 3 days more than this time last year. More than half of all homes on the market continue to sell in less than 2 weeks.
Days on Market Year-Over-Year Change
September 2017 -- 33 days
The Greater Denver Metro Market by Price Range
In September, 53% of sales in the Denver metro area were homes priced in the $300-500,000 range. This is also the price range that saw 49% of the new listings that came on the market. Compared to last year, home sales in the $300-500,000 price range were down 11%, which was less than the 15% decrease seen from overall home sales. Homes priced below $400,000 sold the quickest in September, staying on the market an average of 24 days or less.