Denver metropolitan real estate sales drop more than $1.2 billion as there are signs of a for sale

Walking the streets of the Denver subway, you see more sale signs than this time last year.

As of the end of October, there were 7,290 homes on the market, including single-family homes, duplexes and condominiums. This is down slightly from September when he was 7,683.

But it’s up nearly 116% compared to this time in 2021, according to the latest report from the Denver Metro Real Estate Association. The DMAR report looked at his October market data for 11 counties in the metropolitan area.

And compared to October 2019, when there were 8,557 listings, there are even fewer homes available.

Homes have been on the market longer than during most of the pandemic, giving buyers more choice.

The median number of home days available is now 17, up 240% from this time last year.

New listings on the market are actually down almost 28% from a year ago.

Median home prices, including multifamily homes and real estate, fell from $580,000 in September to $566,000 in October.

House prices are still up about 6% since this time last year, but have been trending downwards since April.

The total amount of business done by the real estate industry plummeted by over $1.2 billion from $3,395,138,685 to $2,192,326,606.

Some sellers are hesitant to put their homes on the market.

This was due to falling prices and rising interest rates, which last month exceeded 7% for the first time in 20 years.

Real estate agent Libby Levinson Katz, chairman of the DMAR Market Trends Commission, said more people are waiting patiently to list their homes in the spring, the “peak of spring sales.”

But she thinks sellers should reconsider waiting.

“Buyers are actively hitting the market, so it’s worth listing your property now,” says Levinson-Katz. “They spend their time finding suitable properties, but most buyers prefer to find a home sooner rather than later as interest rates are projected to rise over the next year.”