October 2022 Denver Market Update
Homebuyers and sellers in September continued to adjust to the market reset. The market adjustment brought increased inventory for home shoppers and a slight increase in homeowners eager to sell despite further softening in pending home sales. In fact, active listings were up 42.4% when compared to last year at this time. Days on market increased to 26 days on average. And, as is typical, seasonality likely played a role in shaping September numbers.
Home prices remained high, with the average single-family closed price up 0.9% when compared to last month and up 8.5% year-over-year. When viewing the single-family closed median price, we saw a 9.6% increase year-over-year.
Percent of Closed Price to List Price
This data point saw a continued drop and was down 0.5% compared to last month. In the below graph, we track this data point back to 2009. For reference, April 2022 saw its all-time high at 106.9%.
Supply - Active Listings
Active inventory was up 42% year-over-year and equal to last month.
New listings were down 15.4% when compared to last year and up 2.4% when compared to last month.
Demand - Pending Sales
Demand is down 27.4% year-over-year and down 14.5% when compared to last month. Both mortgage rate increases and seasonality likely played a role with this data point.
Average Price per SqFt Single-Family
The average price per square foot for single family homes dropped 1.1% when compared to last month, but is up 6.5% when compared to last year at this time.
Average Days in MLS
Days on market saw a dramatic increase to 26 days on average and is equal to what we saw in 2018. This was an increase of 44.4% compared to last month, which was at 18 days on average.
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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 MacPosted by Neil Walton on