"As expected, seasonality impacted the
September market, but to a lower degree than in recent years. Even though
we had fewer properties available for sale, our year-over-year closings
registered an increase of 4.20% and sales volume was $1.5B representing an
increase of 8.32% compared to the same period in 2013. Single-family
homes experienced a decrease of 10.75% fewer sales than the previous
month, while the hot condo market saw a 3.91% decrease in sales. The late
summer market slowdown pushed Days on Market (DOM) up slightly to 33.
Looking at other notable stats and trends in
our marketplace, the Average Sale Price for Single Family Homes was
$361,307 (down 2.36% from August - but up 7.13% from Sept 2013) and Median
Sales Prices remained unchanged at $310,000 from the previous month, but
up 10.27% year-over-year. The Condo market showed an Average Sale Price of
$217,792 (down 0.76% from August - but up 7.34% from Sept 2013) while
Median Sales Prices were down 1.34% to $180,000, but showed a significant
year-over-year increase of 13.71%. Our current year-to-date sales volume
for Residential (single family and condo) was $13.271B which represents a
3.18% increase from 2013 and a whopping 37.73% increase compared to 2012!
Many first-time buyers who sat out the
summer sales frenzy have decided that prices have cooled and are now
entering the market. In general, buyers are less willing to participate in
bidding wars, thus driving competing offers down significantly.
Additionally, they're sticking to their guns in terms of being picky and
not feeling the need to settle which has sellers becoming more flexible in
negotiations and concessions than they were during the peak of the summer
market. Mortgage interest rates remain at historic lows and are
top-of-mind for buyers and sellers. Overall, DMAR Realtors share the
sentiment that it's starting to feel like a balanced market once again.”
- Anthony Rael, Chairman - Denver Metro
Association of REALTORS Market Trends Committee
