Denver Real Estate Statistics – October, 2017
ATTENTION SELLERS…BUYERS ARE LOOKING FOR HOMES LIKE YOURS!
Statistics from the month of October were released, and they showed a record low of active listings in the Denver market. The number was down almost 17 percent from the prior month, and just over 6 percent from last year. Low inventory isn’t a new situation here in the Denver metro area, but the numbers remain low for active listings month after month, which is not helping to balance out our unique market. Buyers need homes, and the small number of homes hitting the market isn’t helping their situation.
However, it’s not stopping Buyers from getting out there and trying to find their Denver home! Buyer demand is still strong, and more properties that have gone Under Contract last month. This is contributing to the rising value of our market, as the average sold price has grown yet again to $443,873.
To help Buyers find their homes, there is a more and more new construction happening in the metro area. Apartments and new homes are being built – $3.27 billion of permitted construction projects have being going on this year as of now, and there is an expected 9% increase in new home construction in 2018. Developers are trying to keep up with the demand, and construction companies are highly sought after here in Denver.
Because of all of this, our market is still considered one of the hottest in the country! According to Realtor.com, we’re at #9 compared to metro areas around our nation due to the short amount of time Denver’s properties are on the market plus the number of views our area’s listings receive on their website. There is no doubt that our real estate numbers are strong.
What is the bottom line? Both Buyers and Sellers can benefit from today’s market. Buyers have been able to negotiate prices more lately (agents are noticing more price reductions and open houses), but Sellers are still doing well since they know their properties are in demand! If you are on either side and considering entering the market, feel free to contact me! I’d love to set up an online search so you can stay on top of the properties coming on the market in your ideal neighborhood.