After Realtors® felt a relative slow down and seasonal return in July and August, September felt back to the normal red-hot speed in today’s housing market. Closed properties were 12.81 percent lower than last month at this time and a notable 19.27 percent lower than last September. With lower inventory and fewer homes, the balance of supply and demand stayed steady, leading to another month of competition for buyers. Months of inventory increased to .76, and while it may not have felt like a huge increase, it gave potential buyers a few more options.
Excluding the $0 to $99,000 homes, the most competitive market ranked in the $300,000 to $399,999 range. This price point had 0.51 months of inventory with a surprising 218 closed properties, showing that one can indeed still find a single-family detached property under $400,000.
The least competitive market was attached properties over $1 million. While there were still 56 attached properties that sold over $1 million, the month-of-inventory for this category was 2.16, more than four times less competitive than the $300,000 to $400,000 and the $400,000 to $500,000 range.
“Even though prices are up over 15.11 percent year-over-year, now is still a great time to buy,” commented Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “With interest rates low and expected to increase, plus a seasonal increase in inventory, waiting will only cost a potential buyer more money in the future. As a result, we continue to see more houses being purchased this year than any of the previous five years, and this will likely hold for the remainder of the year.”