Denver-metro housing inventory increased in September, bucking the usual seasonal trend.
“Typically, this time of year, listings begin to drop, as many consumers will pull their homes off the market or not list them, with hopes of attracting more buyers and higher prices in the spring,” notes Denver Real Estate Watch.
Instead, active listings rose 3% in September, with 9,052 homes on the market, compared to 8,769 in August, and new listings were up 4% over a year ago.
The figures were noted in ReColorado’s latest market report.
Denver Real Estate Watch explained that such movement is highly uncommon, noting that active listings have dropped every September from 2008-2015. “Indeed, the average month-to-month drop from 2008-2016 was 2.7%…. There were more homes on the market last month than any September since 2012, when there were 10,348 homes on the market.”
The news was greeted buoyantly by market observers, who have grown weary of talking about Denver’s exceedingly low inventory.
“This fall could still shape up to be the hottest home market in the last decade,” Anthony Rael, chairman of Denver Metro Association of Realtors’ Market Trends Committee, told Denver Real Estate Watch.
The report held other good news for buyers: Average sold prices dropped 2%, from $403,245 in August to $394,059 in September, and average days on the market increased 9%, from 23 days in August to 25 days in September, showing that the market is moderating somewhat.
Rael remarked that, with the increase in inventory, this is an especially good time to look for a home, particularly in order to lock in low interest rates. Many experts expect rates to rise in December.