Ready to Make Your Move?Market Update, November 5, 2020
Home prices continued to climb in October. The average price for a single-family home sold was $625,100, while the average for attached homes was $393,733. We saw the lowest number of active listings for any October ever, which definitely had an impact on prices. There were just 4,821 homes for sale, almost 2,000 less than our previous October low. Homes that were well-priced were selling after an average of just 24 days on the market – a record low for October. Buyers continue to make concessions to sellers – offering appraisal gap coverage, flexibility with possession and closing dates, and inspection waivers to get the homes they want most.
Even with low inventory, there were just under 6,000 closed transactions last month. More than 6,100 properties went under contract last month, so we expect to see a good number of closings during November.
Sellers should know that homes are in high demand and will command top dollar if they’re marketed properly, priced right and prepared for showings. Interest rates are low, which is great for buyers, who should be prepared to be smart with their offers and negotiations.
Ready to make your move? Give us a call.
Reach David and Tom at The Principal Team at 720-408-7409.
Metro Denver Real Estate Market Activity
There was a nice jump in closings this week – 379 more than the previous week. Fewer pending contracts this week is likely a result of lack of inventory more than a seasonal slowdown. If you’re thinking of selling now, it’s a great time.
During the last week:
New Listings – 870
Back On Market – 273
Price Increase – 201
Price Decrease – 576
Pending – 1681
Withdrawn – 152
Closed – 2171
Expired – 402
Previous Week:
New Listings – 924
Back On Market – 272
Price Increase – 239
Price Decrease – 691
Pending – 1799
Withdrawn – 158
Closed – 1792
Expired – 219
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Based on data from REColorado®