September 2019 Metro Denver Monthly Real Estate Update

Demand for homes in metro Denver has stayed consistent in 2019 compared to 2018, with the number of homes sold increasing slightly from 28,253 homes sold in the first 9 months of 2018 to 28,854 units sold in the first 9 months of 2019. Low interest rates over the past 6 months have continued to fuel buyer demand for homes in metro Denver. More home owners have listed their home for sale in 2019 than 2018, but the increase in listings has matched the increase in buyer activity. This has kept inventory levels relatively consistent in 2019 compared to 2018. The 5,909 homes on the market at the end of September is the 2nd lowest September inventory level in the past 10 years, but it is just slightly lower than the ending inventory levels of September 2015, 2016 and 2018. The only year lower in the past 10 years was in 2017 when there were only 5,540 homes available for sale at the end of September. Despite the strong sales and low inventory numbers, the average days to sell a home is increasing and the average increases in home prices have slowed. Even though inventory is tight, buyers are being more cautious about their home purchases and are not willing to overpay and continue to drive up home prices.

 

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