Average home prices in Denver topped $490,874 in November
Average home prices in Denver topped $490,874 in November, up 1.43% month over month and 6.76% year over year, which includes both single family homes and condos. Breaking down the numbers further, the average home prices for single family homes was $537,624 and the average condo sold price was $365,856.
However, there were fewer choices for homebuyers in Metro Denver this holiday season. Both the number of new listings and homes sold dropped month over month. The number of new listings added to the Denver area housing inventory in November was down 32.7% month over month and 6.48% year over year. This reduction contributed to shrinking of the number of active listings from 8,557 in October to 6,988 in November, an 18.34% drop. For comparison, in the last quarter of 2018, there was a surge in new housing inventory.
Closed sales were down 22.78% month over month, but sales were still up by 2.17% year to date compared to 2018. The number of homes that went under contract dropped 10.84% month over month, which could be an indication that the number of sold homes will likely be down next month.
The average days on the market increased slightly to 35 days, up just one day from the prior month. However, year to date, the average days on the market was 31, an increase of 24% compared to last year. While homes may be on the market longer, the close-to-list price ratio was down to only 98.80% month over month and 99.23% year to date, which basically means this is still not a market for low-ball offers.
Looking at October’s numbers, the average home prices for single family homes topped $533,665, while the average home prices for condos was $365,665. The number of new listings added to the Denver area housing inventory in October was down 10.14% month over month, but still up 4.37% year to date. A total of 5,425 homes were added to the market, which was the lowest number of new listings in a given month since February. The average days on the market year to date was at 30, up 25% compared to last year, which was at 24 days.
Growing number of Denver millennials plan to rent indefinitely – According to a new report from Apartment List, only 13% of millennial renters across the U.S. are on pace to afford a 20% down payment on a in the next five years. With almost half of millennial renters having no down payment savings, 12.3%, on average, expect to rent forever.