Denver Area Real Estate Market Report October 2023 | Kenna Real Estate

October 2023 Detached Homes and Attached Homes Market Report For Denver Metro Area Real Estate Included With November 1-7, 2023 Weekly Real Estate Report

In This Denver Area market update, we delved into the October 2023 numbers for the single-family detached market in Metro Denver. Here's a quick recap:

1. Active Inventory:  Despite a rise in October, active inventory remains tight, with 17.6% fewer single-family detached homes available compared to the historical average from 2013-2019.

2. Demand:  Pending transactions decreased by 5.0%, and closed transactions were down by 8.9% from September to October. Year-over-year, pending and closed transactions decreased by -7.9% and -17.9%, respectively.

3. Months of Inventory:  Increased by 14.3% month-over-month to 2.4 months, indicating a cooling market in the 4th quarter and favorable negotiation opportunities for buyers.

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4. Prices:  Average sold prices slightly increased by 0.2% to $765,842, while the median sold price decreased by -0.2% to $636,288. Both are up from October 2022, with average and median prices rising by 3.6% and 1.8%, respectively.

5. Multiple Offers:  Although multiple offers are occurring, they are less severe than in 2020-2022, with 26.7% of homes selling in numerous offer situations going for an average of 2.7% over the asking price.

6. Days on Market:  Average and median days on the market increased to 30, with 36.6% of homes under contract in 7 days or less, receiving 100.4% of their original list price.

An interesting observation: 26.5% of homes sold over the asking price, and 69.7% offered concessions, averaging around $9,300, primarily for seller points paid. It suggests buyers are increasing offers to finance rate buy downs.

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October 2023 Denver Metro Area Real Estate Market Report
Detached are family Homes and Attached Homes, Including Duplexes, Condos and Denver Townhomes, Along With Market reports for the first Week of November 1-7, 2023, and October 2023. Detached and Attached, Along With November 1-7, 2023 Weekly Report Kenna Real Estate Group