New Month - New Records | November 202011/11/2020
- Number of available listings for the month decreased by 43.66 % in a year over year comparison
- Number of Homes Sold (closed) increased 16.33% in a year over year comparison.
- Single Family Homes placed under contract (pending sale) increased 22.9% in a year over year comparison.
- Average Sold price increased 16.20% in a year over year comparison. The average sale price for a single-family home was $625,100
- Less than a one-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market.)
- Average days on market (24) declined 29.41% in a year over year comparison. Bidding wars are once again commonplace in many neighborhoods.
- The average home sold in October for 100.29% of the list price
- Mortgage rates remained at record lows in a range of 2.35%% to 2.75%
- Forward looking data suggests a continued robust market driven by limited supply of homes for sale and extremely low interest rates. Typical seasonal influences may materialize during the next 45 days.
- The recording breaking performance in October and the projection for continued record low mortgage rates indicates a likely continuation of the strong market conditions. However, the continued impact of COVID-19, approaching winter weather and a typical holiday slowdown suggests now may be the time to sell if a home sale is in your plans for this year. If a move is in your plans for 2021 now is an ideal time to discuss home preparations and a timeline for selling in the New Year. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report or call Tom Gross for more information.
Questions? Let’s talk – contact us anytime to discuss your questions, plans, or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.