In October, the real estate market experienced the impact of both seasonality and fluctuating interest rates. There were fewer active listings, new listings, and pending listings compared to the same period last year. However, there was a slight increase in demand, as reflected in the number of pending listings, which is consistent with the trend observed in October 2022.
Despite these fluctuations, property prices continued to rise. The average closing price for single-family homes increased by 4.0% year-over-year, and the closed-price-to-list-price ratio reached 99.1%, marking a slight 0.3% increase from the previous year. While these changes may appear modest, they underscore the resilience and strength of property prices in the current market.
New listings continued to decline, down 17.6% when viewed month-over-month.
Supply - Active Listings
Active listings decreased both month-over-month and year-over-year. This is a typical decline as we head into the remainder of the year.
Demand - Pending Sales
While still well below prior years except 2022, this data point saw a slight increase of 1.5% when viewed month-over-month.
Percent of Closed Price to List Price
This data point declined by 0.1% when compared to last month but was up 0.3% compared to 2022.
Average Days in MLS
October saw the number of days on market at 30 days, on average. Last year at this time we saw 28 days on average. Last month saw 29 days.
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Reports based on data from REColorado®, Inc.
GREATER METRO DENVER INCLUDES THE FOLLOWING COUNTIES:
- Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
- Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.
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Mortgage Data Source: Freddie Mac