Market Insights November 2019 Denver
Market Insights for November 2019 Denver Metro
What is your favorite sound this time of year? Do crackling sounds make you thankful for your fireplace? Do sounds of children shouting as they play in the snow fill you with gratitude for a family? How about the scratch of a pen across the paper? Maybe you are grateful for the closing of a real estate transaction! Out of the 1382 homes available for sale in Metro Denver this October, a few thanks were likely given and received as 1187 sales closed successfully this past month.
Reports confirm that consumer confidence is at the highest levels since this time last year, and sales of single-family homes rose over 7% nationwide. Along with this, home values have risen a bit more than 3% year over year. Last year’s average sales price of $518,560 in Metro Denver has actually dipped slightly, with the October 2019 average coming in at $514,460
Although builders are still lagging a tad behind the demand for housing, and inventory is tilted to the low side, construction has stepped up and given buyers greater choice. That choice could be the reason our marketplace is seeing an average Days on Market of 35.
Rental market statistics aren’t what we normally cover during the monthly insight on sales along the Front Range, but when it plays a significant role in market trends, we would be remiss not to mention it. According to a survey done by Freddie Mac, steeply rising rental rates overall are positively impacting home sales. Renters are becoming far more aware that they are spending larger percentages of their monthly income on rental fees. In fact, they are spending higher percentages than actual homeowners are spending on mortgage payments.