Denver area home sales fell in September, while inventory rises a record amount

Metro Denver’s lodging marketplace continued slowing successful September, with the fig of homes and condos sold declining and the inventory of progressive listings connected the marketplace rising by a grounds monthly amount, according to an update from the Denver Metro Association of Realtors.

“In August, we saw a comparatively debased magnitude of houses deed the market,” Andrew Abrams, president of the DMAR Market Trends Committee, said successful the monthly Market Trends Report.

The fig of homes and condos sold fell 10.9% to 5,233 betwixt August and September, which is down by a 5th from the fig sold successful September 2020, erstwhile prices were little and buyers were hopeless to find much surviving abstraction due to the fact that of the pandemic.

The driblet successful income was accompanied by a 10.9% monthly summation successful progressive listings, which was overmuch higher than the 0.8% summation typically experienced betwixt the 2 months and a grounds for the 2 months. But supply, astatine 3,971 progressive listings, remains historically tight.

Prices remained reasonably unchangeable month-over-month, with single-family location prices falling portion condo and townhome prices rose.

The median terms buyers paid for a single-family location successful September was $575,000, down 0.86% from August. For the year, the median terms is up a beardown 12.75%. For condos, the median closing terms past period was $380,000, an summation of 1.9% and a 13.4% summation connected the year.

CoreLogic, successful a abstracted update to its location terms scale released Tuesday, said metro Denver location prices are up 19.5% connected the twelvemonth done August, which is supra the 18.1% summation successful its nationalist location terms index. But it labels Denver an “overvalued” marketplace and predicts that prices volition emergence lone 1.5% implicit the adjacent 12 months.

Abrams said immoderate buyers are waiting for location prices arsenic the marketplace cools down. But adjacent if that does happen, buyers won’t needfully spot a little monthly outgo arsenic worries astir ostentation enactment upward unit connected owe rates.

“If involvement rates spell up, adjacent astatine a little price, your payments could beryllium more. Word of advice: Jump into the existent property marketplace now. Those who hold volition virtually wage for it,” helium said.

Abrams said the astir competitory terms scope past period was for homes betwixt $300,000 and $399,999 with lone a fractional period of supply, portion the astir well-supplied conception was for properties costing implicit $1 million, wherever a 2.16 month’s proviso was disposable to buyers.