September 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 $716,245 in August rose 2.9% from last month and rose 1.2% from last year.
Quick Stats:
- The average number of active listings for August is 15,321 (1985-2024).
- The record-high for August was set in 2006 with 31,664 listings while the record-low was set in 2021 with 3,582 listings.
- Historically, active listings decrease by an average of 5.6 percent from June to July. However, this July saw a slight decrease of 1.2 percent from July to August. A decrease of 6.7 percent this August represents a steeper-than-average decline -about six times the typical July-to-August drop (5.5 percentage points larger than the norm).
Hi Everyone!
This month's takeaway is pretty straightforward. The real estate market keeps moving forward with relative stagnancy. Prices remain flat year-over-year. Supply has increased 10% from this time last year while demand remains almost exactly the same.
Refinance demand has been picking up with average 30-year rates now holding in the mid to low 6s. I know some buyers were able to get rates in the high 5s recently! Yes, the Fed Fund Rate was lowered by 0.25%, but mortgage rates had already dropped in advance of the Fed rate cut for the same economic reasons the Fed lowered their rate. In short, if the downward trend continues, I anticipate buyers will want to get off the fence if their purchase becomes a little more affordable.
I'll leave you with a fascinating statistic from last month: only 1% of the homes closed had a price reduction while on the market. Wow! This highlights the importance for sellers to be realistic in their pricing strategies as over-listing a property can negatively impact your success and ROI in a significant way.
Every neighborhood in Denver metro has its nuances, so please don't hesitate to reach out with your specific needs.
Best,
Florence Realty Co. Team
