The Denver Metro Association of Realtors’ (DMAR) monthly analysis of the Denver area housing market reports that there were 6,312 listings for residential properties in the Denver area last month. That represents a 16.79% drop from the previous month and a 6.22% drop over a year ago.
An average of 16,306 homes were on the market at the end of October between 1985 to 2016, according to the Denver Post, and 29,722 in October of 2006.
“The inventory number was a little scary,” noted Steve Danyliw, chairman of the DMAR Market Trends Committee, referring to the month of Halloween. But he tempered this with good news, as well.
“As we tend to see normal seasonal slowing this time of year, under contracts increased by a healthy 9.49% from October of last year. Even with cooling temperatures, buyer demand remains strong as fall and winter provide a not-so-scary opportunity in the housing market.”
Oddly, despite the tight inventory, homes spent a longer time on the market, an average of 38 days – up 15% over September and October of 2016.
This didn’t stop Denver from making Realtor.com’s top 10 hot housing markets, after having dropped down on the list in prior months, according to the Denver Post.
“Metro Denver’s housing market was the hottest in the country in the spring of 2015 and consistently claimed a spot in the top 5 or 10 until April of this year, when it began to show up more towards the mid-to-high teens,” reports the newspaper.
“But after ranking 17th in August and 13th in September, metro Denver climbed its way to 9th, between Detroit and Modesto, Calif., out of the 300 or so metro areas that Realtor.com studied.”
In other words, the October statistics might present a bit of a mixed message, but the overall picture hasn’t changed much.
“Although Denver’s housing market has softened this year, it remains robust compared to the nation as a whole and it is showing relative strength versus other metros heading into the off-season for home sales,” notes the Denver Post.