Key Takeaways for October 2017 via DMAR for Metro Denver:

• Active Inventory was 16.75% lower than last month and 6.22% lower from October 21016
  • October 2017 Active Listing was: 6,312
  • September 2017 Active Listings was: 7,586
  • August 2017 Active Listings was 7,360
• Median Sales Price a condo in Metro Denver in October 2017: $275,000
  • Up from September 2017: $268,000
  • Same as August’s $275,000
  • And up from July’s $270,100
• Median Sales Price a single-family residence in Metro Denver in October 2017: $415,000
  • Up from September 2017: $409,000
  • Up just slightly from August’s 2017: $410,000
  • And down from July’s $420,000

An Overview of the Market:

• “First time homebuyers continue to struggle to enter the housing market amidst limited housing inventory, falling to the fourth lowest level since 1981, according to the National Association of Realtors’ 2017 Profile of Home Buyers and Sellers report.”         — Housing Wire
• “Single-family rents climbed steadily between 2010 and 2016, as measured by the CoreLogic Single-Family Rental Index.”           — CoreLogic
• “The custom home building market continues to expand, despite a growing industry focus on entry-level homes. Demand for custom homes—both owner- and contractor-built not-for-sale homes—has been solid in recent years due to home price gains that have boosted homeowner wealth. However, this market is expected to grow more slowly than the rest of the single-family building sector.” — Builder
• “The S&P/Case-Shiller and the Federal Housing Finance Agency (FHFA) released their respective home price indices for August 2017. National home prices rose at a faster annual growth rate, while local home price gains varied. Price growth in metro areas across the West region exceeded the national average.” — National Association of Home Builders
• “Mortgage applications continued to drop amid rising mortgage rates, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 27.” — Housing Wire

What’s Happening in Denver:

• “Low inventory has plagued metro Denver’s housing market for years now — and that trend doesn’t seem to be changing any time soon.” — Denver Business Journal

• “Denver experienced a 4.4 percent jump in the median listing price of a one-bedroom unit the past month to $1,393, according to a survey Wednesday from Abodo, a national apartment finding service.” — Denver Post
• “It is definitely not your imagination. The market for available housing is wisp-thin in Colorado, recent data says.” — Denver Post
• “The year-over-year gain in home-resale prices for metro-Denver homes remained at 7.2 percent in August for the second month. That’s according to the latest S&P/Case-Shiller Home Prices Indices report, released Tuesday.” —  Denver Business Journal

Report for Metro Denver:

Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.

And as always, please let us know if you have any questions!