The Denver real estate market continues to be all about inventory—or the lack of it, to be more accurate. In November, the number of homes on the market dropped again by 12.7% compared to October, with just 1,699 single-family, detached homes available for sale. Due to the imbalance, 21.8% of closed transactions sold for full price, and 47.7% sold over asking. This is certainly positive news for home sellers.
In addition, things continue to move swiftly even though we're in a typically slower season for real estate. Average days on market were just 19 days last month. To give you perspective, homes averaged 34 days on market in November of 2019. And in 2020, the only time the Denver real estate market moved quicker was in April when restrictions allowed our team to resume limited business and the pent-up demand led to an average of 18 days on market.
As for the buyer’s side, the average sales price for a detached, single-family dropped 1.9%, from $614,375 in October to $602,477 in November. And even though average home prices appreciation was up 15.2% year-over-year, when coupled with the recent drop in interest rates, a 30-year fixed loan with 10% down will yield principal and interest payments of $2,214; which is just 2.5% more than purchasing an average priced home a year ago.
That's a lot of data to unpack, so feel free to get in touch with your PorchLight agent to talk more about how you can successfully buy or sell right now!
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