October Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
The average sales price of $694,658 in September declined 3% from last month and rose 2.9% from last year.
- Active Listings: 13,074 up 0.1% from last month | up 17.6% from last year
- Homes Closed: 3,366 down 8.8% from last month | down 0.3% from last year
- Months of Housing Supply: 3.9 months up 0.4 months from last month | up 0.6 months from last year
Quick Stats:
- The average number of active listings for September (1985-2024) is 15,149.
- The highest number of September listings was 31,450 in 2006, and the lowest was 3,971 in 2021.
- Historically, active listings increase 1% from August to September. This year's 1% increase aligns with normal seasonal growth.
As the saying goes in my childhood state of Texas: Happy Fall Y'all!
For this month's update, I'm going to highlight the difference in two of the largest sub-markets in Denver metro real estate, detached vs. attached. It's important because we often talk about the market on a macro level (all of the Denver metroplex) and the micro level (specific neighborhoods), but there is also this line in the sand that divides the entire market into two distinct sub-markets.
For example, single family detached homes have appreciated almost 3% year-over-year while attached homes (condos and townhomes) have depreciated almost 5% in the same time period. This is driven almost entirely by buyer demand (or the lack thereof) as demand for detached homes has increased 7% year-over-year contrasted to the demand for attached homes that has decreased by 17% over the past year.
All that to say with both markets combined, we're still a fairly neutral market with just under four months of housing supply. It's pretty boring when you look at the macro data, but it gets really interesting when looking at the parts that make up the whole.
As always, don't hesitate to reach out for more specific data for the sub-markets that interest you the most!
Best,
Florence Realty Co.
