Tuesday, October 14, 2014

Denver Metro Real Estate Market Trends

These geeky kind of stats, averages, and trends are actually really important since they give us a good picture of what has happened recently, how it compares to where we were 1 year ago, and what it may say about what is to come. 

Market Insights:

  • Average sale price for single family homes was $361,307, down 2.36% from August and up 7.13% from September 2013
  • Median sale price for single family homes remained unchanged at $310,000 from the previous month, but up 10.27% year-over-year
  • Condo market showed an average sale price of $217,792, down 0.76% from August and up 7.34% from September 2013
  • Median sale price for condos was down 1.34% to $180,000, but showed a significant year-over-year increase of 13.71%
  • The current year-to-date sales volume for residential (single family and condo) was $13.271 billion which represents a 3.18% increase from 2013 and a sizeable 37.73% increase compared to 2012.
By the numbers, the inventory of available single family residences and condos for sale was 7,556 at September month end: 5,045 homes came onto the market, 4,622 homes were placed under contract, and 4,737 homes closed at a median sold price of $275,000 and an average sold price of $319,619 resulting in a closed dollar volume of $1.5 billion. 

Residential (Single Family plus Condo): 
Active Inventory: 7,556   -6.93% prior month   
Sold Homes: 4,737 -8.87% prior month
Average Price: $319,619-2.72% prior month
Median Sold Price: $275,000  -0.31% prior month
Average Days on Market: 33   10.00% prior month
Single Family: 
Active Inventory: 6,155   7.00% prior month
Sold Homes: 3,361  -10.75% prior month
Average Price: $361,307  -2.36% prior month
Median Sold Price: $310,000    0.00% prior month
Average Days on Market: 36   12.50%  prior month

Active Inventory: 1,401    -6.66% prior month
Sold Homes: 1,376 -3.91% prior month
Average Price: $217,792 -0.76% prior month
Median Sold Price: $180,000  -1.34% prior month 
Average Days on Market: 28 16.67% prior month