November 2021 Denver Market Update:
High demand and low inventory continue to be the theme in metro Denver’s residential housing market. We saw a 9% increase in pending sales during October compared to September, underscoring that buyers are still out there, and demand is not slowing down. In terms of inventory, prospective buyers have even less inventory to choose from, with only 3,122 active listings.
Supply – Active Listings
Active listings remain historically low. We are seeing a 68% decrease over both 2018 and 2019. To the dismay of homebuyers, Denver metro saw a decrease in new listings month-over-month and year-over-year. However, the number of new listings in October 2021 closely matches what we saw in 2018 and 2019.
Demand – Pending Sales
We continue to see high demand with 5,643 pending sales in October. This is a 5% increase over 2020 numbers as well.
Days in MLS
The average days in the MLS have continued to tick upward since July, a welcome relief for buyers who are seeing some payoff for their patience. While demand is still red hot, additional days on the market indicate that the days of fierce bidding wars have cooled.
Percent of Closed Price to List Price
October saw a 102% percent of the closed price to list price. This slight month-over-month decrease points to a more realistic market compared to May and June of this year. That said, this data point is still well-above prior years.
Interested in Selling Your Home?
If you are considering selling your home, we would love the opportunity to earn your business. Simply complete the quick form below and we will get in touch with you ASAP.