10/11/2023
Happy Fall! 🍂
🏠Denver Housing Market Update
Here's the latest scoop on the Denver housing market:
📉We're experiencing a bit of a slowdown, which is typical for late summer, and higher mortgage rates have caused a 20% dip in August home sales. The average 30-year loan rate is now around 7.7%.
Despite this, Denver's home prices are holding strong.
In September, home and condo closings dropped nearly 21% compared to August and 28.2% from last year. Some of this is seasonal, but it's worth noting that last year saw an 8.4% monthly drop, and the year before that, it was 12.2%.
🔺The number of listings in September rose by 11.2% from August to 7,629. However, supply increased despite fewer new listings, down 5.9% to 4,589 last month and 12.6% from last year.
🔻The median price for a single-family home in September was $640,000, down 1.5% from August but up 1.6% from the previous year. Condos and
•townhomes had a median price of $420,000 in September, up 0.48% from August and 2.4% over the past 12 months.
💰Buyers are seeking concessions like interest rate buydowns instead of lower prices, leading to successful negotiations.
🗓️Homes and condos are spending an average of 30 days on the market before finding a buyer, up from 26 days last month.
🏠While supply is on the rise, significant price drops have yet to happen. Denver's real estate market is still largely a seller's market. High-end homes ($2 million or more) are approaching balance, with six months of inventory for single- family homes and seven months for condos and townhomes.
⚡️The real estate market can change rapidly, and local conditions may vary. If you have questions or need more information about the Denver housing market, feel free to reach out. I'm here to help you navigate the current market conditions and make informed decisions.
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