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Average Home Price &
Metro Denver Market Report
Last month we saw a second consecutive drop in the 'average home price'. Around Labor Day, sales activity was slower than earlier this summer, but as the month moved-on demand increased and sales remained very steady.
Average home prices dropped nearly 4% since their highs of mid-summer. This would suggest that demand has weakened, but that's not the entire picture. Market inventory increased about 800 units since July (and is holding), so demand has actually increased by comparison to late spring and summer when inventory was scarce.
Prices increased for both condos and townhomes, and they are up nearly two percent. Because condo and townhome prices are more affordable than houses (barely), demand has been somewhat stronger. That said, the gap between condo prices and homes continues to erode.
Interest rates are holding steady at their all-time lows. The outlook is for rates is that they will remain stable throughout the election. This should keep buyer demand fairly steady for now.
Till next month.
If you know of someone who needs to sell a home due to an estate, divorce, relocation, or other circumstance, please let me know. Call or email. I look forward to helping those you know, because they trust you and appreciate your referral.
Michael Dagner is a real estate professional in Denver, Colorado.
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir