We’re seeing homes spend longer on the market as well as more price reductions than in the recent past. Pricing your home correctly right out of the gate is extremely important. Homes with price reductions spent an average of 59 days on the market, compared to just 14 days for homes that sold without a price reduction. Although there were fewer sales overall last month, it could be due to reduced inventory.
Homes that Sold
4,654 homes sold in October. That’s down 6.4% over September and up 1.62% year-over-year. The average home spent 33 days on the market, no change from September and 10% longer than during October 2018. Condos took slightly longer to sell than single-family homes – 34 days compared to 32. Buyers want move-in ready homes and are less willing to purchase a home that needs lots of repairs or upgrades.
Homes priced over $1 million saw the biggest reductions prior to an accepted contract; the average price reduction was $149,742. Homes priced under $500,000 had average price reductions between $10,750 to $21,362. The number of sales with concessions is still over 50%, which shows buyers gaining more negotiating power. The median price for a home sold was $432,200.
The number of new listings for sale – 5,425 – was down 10.14% month over month. In total, there were 8,557 homes for sale in the metro area. a significant decline of 7.85% over September and up a slight .21% year-over-year. The number of single-family homes is down quite a bit – 10.41% over the previous month and 5.56% over the previous year. The number of condos for sale is up more than 15% year-over-year.
October numbers based on data from the Denver Metro Association of REALTORS®
Every neighborhood and every home is different. To find out how long it could take to sell your home, call me at 720-408-7409.