How did the housing market perform this month? REcolorado market statistics for August reveal a strong buying and selling season despite the pandemic. In Denver, a record number of homes sold in the month of October, higher than any other October on record. Continue reading below for more statistics on the Denver Metro Area Residential Market for October 2020.
In October, more homes sold than any other October on record. Throughout the month, 6,368 homes closed, a year-over-year increase of 24% and a 1% decrease month over month.
October 19′: 5,144
October 20′: 6,368
Denver metro homes spent an average of 24 Days in the MLS in October, 10 days fewer than this time last year and 1 day more than last month. On average, single-family residences were on the market 23 days, while multi-family/condos/townhomes were on the market 26 days.
The median number of days a home spent in the MLS in October was 6, down 11 days from last year.
AVERAGE DAYS ON MARKET
October 19′: 34 Days
October 20′: 24 Days
The Average Closed Price of a home in the Denver metro area in October was $561,197, a year-over-year increase of 16% and 4% higher than last month.
The Average Closed Price for single-family homes was $614,090, a 17% year-over-year increase and a 3% month-over-month increase. Multi-Family/ Condo/Townhomes Closed for an Average Price of $413,192, a 6% year-over-year increase and a 2% month-over-month increase.
AVERAGE SOLD PRICE
October 19′: $483,658
October 20′: $561,197
Throughout October, 6,098 New Listings of homes for sale hit the market, which is 12% higher than October of 2019. Compared to last month, the count of New Listings saw a seasonal decrease of 7%.
At the end of October, there were only 4,442 Active properties on the market, 46% fewer than last year at this time and 14% fewer than last month.
Currently, there are 3 weeks of inventory, 4 weeks fewer than this time last year and 1 week less than last month.
October 19′: 5,432
October 20′: 6,098
Matt Peterson | Ana Jewett | Kyle Malnati | Anne O’Brien | Jay Lopez| Holly Vogel