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Market Pulse – Denver October 2020

by | Oct 16, 2020 | Denver

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Leaves are starting to fall, and so are the temps (especially at night). But the Denver metro real estate market isn’t showing any signs of cooling off. 

All stats below are based on End of Month in September vs August:

Homes on the market – 5213 vs 5968 (down 13%)

Average days on the market – 23 vs 23 (same, but median days actually went from 7 to 6)

New homes on the market – 6066 vs 6407 (down 5%)

Homes sold – 5,914 vs 6,134 (down 4%)

Despite autumn previously getting a bad rap for being a poor time to sell, the market statistics have never been hotter in the Denver area. 

  • Inventory continues to decrease across the board
  • Median price in Denver metro remains at an all time high of $455k while average days on market remain the same month over month, except for median days which actually decreased to just under a week at a furiously fast 6 days!

What should I do as a seller?

New listings are selling super fast – median days on market is only 6 days (wow)! And while the average number of days a house stays on the market is 23, that’s still very low, and you stand a reasonably good chance of being well-rewarded for getting your house out there. 

On the other hand, if your house has been on the market for longer than 30 days, what issues could there be? It’s possible your listing might now be getting overlooked or disregarded by buyers for particular reasons: pricing, staging, location, etc. Make sure you examine this further with your agent. 

Additionally here are a few blogs that might help you as a seller:

What should I do as a buyer? 

Despite the competitive market, you’re still catching a huge break with the very low rates – sometimes as low as (or even lower than) 3% for a 30-year mortgage. That allows your money to stretch much further than it did at this time last year. 

And you could also be considering capitalizing on a home that’s been on the market for a longer time, or you could even look for an off-market deal where the seller has recently thrown in the towel and given up hopes of selling their home if they’ve been unsuccessful this past summer. Your agent can help you navigate these situations. 

Additionally here are a few blogs that might help you as a buyer: 

And always remember, if you buy with us, we split our buyer’s agent commission with you, up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low fee. In the meantime, please stay healthy and safe. 

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The information contained in this blog is for general information purposes only, and while believed to be accurate, Trelora assumes no legal responsibility for accuracy. Information provided within should not relied upon as legal advice. Please consult with your local advisors for independent information regarding availability and applicability in your market.

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