Fall and winter can often mean a lull for real estate agents, and the current trends show no exception. As the season progresses, fewer homes are being shown and sellers have begun reducing prices in an effort to move their inventory.
The number of sold listings in September decreased by 21.58% compared to August. This decrease is greater than the 10-year seasonal average of 10.1% and left a total of 7,586 active single-family homes listed in the residential market.
Sellers are definitely feeling the pressure. With high buyer demands and fewer scheduled showings, homes are falling out of contract. This has resulted in more price reductions and back-on-market alerts than new listings in MLS searches. Compared to August, average home prices decreased by .52% while median home prices decreased by 1.06%.
That being said, average and median home prices are increasing year-to-year. The average home price is up 8.84% while the median home price is up 8.07%. Meanwhile, the year-to-date closing totals are up 3.22% from 2016 indicating that the market remains ahead as Denver continues to grow.
A 7,947 above ground square foot home in Cherry Hills was the highest priced single-family home sold last month at $4,300,000 while the highest priced condo sold in Denver at $2,769,000. Still, the slowing market has caused a cumulation of single-family luxury homes. September saw more than a 25% decrease in sales for properties priced at $1,000,000+ compared to the previous month. There were 112 closings in this price range, a month-over-month decrease of 22.22%, but a 9.8% increase year-over-year.
During the same month, the closed dollar volume for properties valued at $749,000 – $1,000,000+ was $174,880,832 – a 22.09% decrease month over month, but a 9.8% increase year over year.
As we look forward to November, these trends could mean that we have our work cut out for us. However, we are confident in our abilities and are up for the challenge! Are you ready to sell your home? Find its TRUE current market value instantly on our NEW valuations page to get started. And be sure to follow us on Facebook for regular updates on shelter events, blog posts, news and more.
DMAR Real Estate Market Trends Report | OCT. ’17 – October 4th 2017