Denver Colorado real estate market is still a seller’s market.
Denver Colorado real estate market is still a seller’s market, with 2.04 months of single family homes inventory and 2.12 months of condos for sale for September. This year, you could say we’ve been turning from an extremely fast-paced market to a slower moving, healthier one, but by no means have we shifted to a buyer’s market. Sellers still hold the upper hand.
Although, the rate of housing price appreciation for Denver Colorado real estate market has slowed, but it has not reversed. Overall, while it decreased month over month, the average sold price of a home in September was still up 6.06% year over year and 2.25% year to date, $483,734 and $487,814 for all segments. Year to date, the close-price to list-price ratio was at 99.31% in September, whereas it has been slightly over 100% since 2015. Furthermore, the days on the market has increased 25% year to date from 24 days last year to 30 days.
There are two segments of the housing market for which homebuyers have a little more buying power and that is condos priced between $750,000 and $999,999 and single family homes priced over $1 million. In comparison, homes priced between $300,000 and $499,000 have the greatest buyer demand in Metro Denver, which 1.33 months of single family homes inventory and 1.97 months for condos.
Looking at the numbers, the record-high housing inventory for Denver Colorado real estate market for the month of September was in 2006 with 31,450 active listings, and 2015 represented the record low with 7,516. For comparison, September 2019 ended with 9,286 active listings.
For the luxury segment, a total of 177 homes sold and closed for $1 million or greater in September, down 23.38% from August and up 39.37% year over year. The closed dollar volume in the luxury segment year to date was $2.88 billion, up 10.73% from last year.
Denver is now the 7th largest flexible office space market in the U.S. – According to a new report by CBRE, Denver has grown to the seven largest flexible office space market in the U.S. The amount of flexible space e.g. co-working operators, like WeWork, but also executive suites, like Regus has increased 37% from a year ago to 2.8 million square feet across the metro region. At 2.8 million square feet, flexible space now accounts for 2.4% of Denver’s total office inventory, which is up from 1.8% a year ago.