The Denver Real Estate Market in November 2021
Just how low can Denver's real estate inventory go? Previously, in October, there were only 3,376 active listings—2,351 single-family, detached and 1,025 attached listings—at the end of the month. That was a record low.
When looking at November stats dating all the way back to 1985, the average number of active listings is 14,180.
This year, November set another record low for the month with 2,248 listings—1,444 single-family detached and 804 attached listings. That's also a 33.4% month-over-month decrease and of course, the largest decrease on record.
Looking at detached, single-family homes, 2,561 new listings came on the market in November. That's a whopping 30.8% month-over-month decrease. On the other end of things, the number of homes that closed last month was 3,513 which shows that sales outpaced fresh inventory.
The result? We're continuing to see buyers struggling to find the right property to fit their needs due to historically low inventory. And when they do, there's a lot of competition. The more desirable homes can only go to one buyer after all.
Plus, buyers may be racing to lock in a lower interest rate and take advantage of the increased buying power that it provides. While rates have slowly been creeping up, some experts forecast 30-year mortgage rates reaching 4% or higher in 2022.
Accordingly, the average price we saw in November may be a preview of what spring will look like if inventory remains low. Sales prices for detached, single-family homes shot back up to $703,847 compared to $684,578 in October. That's a 2.8% increase month-over-month and a jump of 15.7% compared to November of 2020.
That's also the second-highest average sales price of the year so far, only outpaced by June at $728,385.
The average sales price for attached homes also increased from $440,654 in October to $445,366. While only up by 1.1% month-over-month that's a jump of 15.7% year-over-year.
The best news for buyers is that the number of days listings are spending on the market is now up to 15 days, providing some breathing room, time to think and make smart decisions. Still, if you're looking to buy, this is not the time to back-burner finding a home.
While it may be common for buyers to take their foot off the gas and enjoy December festivities, this is the year to put the pedal to the metal in trying to find a property. Interest rates are low and looking while others are not gives you a competitive advantage, which in this market is a must.
–Andrew Abrams, Chair of the DMAR Market Trends Committee
While we previously experienced a slight lull in the local market, there was always the chance that it would roar back to life. And here we are. So, make sure you have an experienced, PorchLight Real Estate Group agent by your side. Our experts have the connections (including nearly 200 colleagues in-house) it takes to help you find a home or sell your property for maximum gains.
To view our full report on Denver real estate market stats for November, click here.
Identifying Different Types of Home Architecture
Whether you're out touring homes with your PorchLight agent or browsing listings online, you'll come across a number of architectural styles that are common in Denver and across the Front Range. Here's a quick look at the distinguishing features that define these different types of homes.
Victorian – Built from 1810-1910, the most popular being a Queen Anne, this style features:
- Steep, gabled roof
- Elaborate wood trim
- Bright paint colors
- Asymmetrical shape
- Towers and turrets
- Two or three stories
Tudor – Built from 1925-1945, with Medieval and Renaissance influences, Tudors include:
- Steeply pitched roof
- Half-timbered (wood/stucco)
- Tall, multi-pane windows
- Ornate chimneys
- Substantial wood front doors
- Cantilevered second story
Denver Square – Built from the 1890s to 1930s and also known as a Foursquare, this style offers:
- Square and brick-built
- Sloped, four-sided roof
- Large windows
- Center dormer with window
- Wide front porch
- Distinct interior spaces
Ranch – Popular in the 1950s and 60s, the single-story ranch is often characterized by:
- Low-pitched roof
- Deep, overhanging eaves
- Large picture windows
- Backyard with patio or deck
- Simple, open floorplan
- Attached garage or carport
Bungalow – Primarily built from 1915 to the 1930s this style has many distinct features:
- Low-pitched roof
- Dormered windows
- Covered front porch
- Square porch columns
- Built-in cabinetry
- Exposed beamed ceilings
Modern – This broad-ranging architectural style continues to evolve but typically includes:
- Simple, clean, straight lines
- Industrial/sustainable materials
- Lack of ornamental detail
- Large windows and skylights
- Open, flowing interior
- Energy-efficient features
Craftsman – This popular style of home dates back to the late 19th century and features:
- Low-pitched gable roof
- Natural materials and colors
- Robust, tapered columns
- Wide and covered front porch
- One or two stories, open floorplan
- Exposed beams and rafter tails