November 8th 2024.
Despite concerns that buyers would postpone their home purchases until after the election, the housing market in metro Denver continued to thrive in October. This is in contrast to the national trend, as a recent Redfin survey found that 23% of first-time buyers plan to wait until after the election to make their purchase. These buyers cited economic uncertainty, potential changes in interest rates, and the impact of candidate policies as reasons for their decision.
According to the monthly report from the Denver Metro Association of Realtors, there were 3,443 closed home sales in October, representing a 2.3% increase from September and an 8% jump from October 2023. Additionally, there were 3,578 pending sales, up 1% from September and a significant 22% increase from October 2023.
Traditionally, the housing market sees a shift in focus from buyers and sellers after the election results are announced. Michelle Schwinghammer, a member of the DMAR Market Trends Committee, analyzed data from the past three election cycles and found that there tends to be more price volatility in the Denver metro area leading up to an election. However, once the results are in, there is typically a return to stability and more traditional seasonal patterns. As Schwinghammer put it, "buyers and sellers tend to shift back to business as usual."
In October, there were 10,940 active listings, a 2% decrease from September's 11,115 and a significant 46% decrease from October 2023's 7,482. This is well below the average number of active listings from 1985 to 2024, which is 14,478. The record high was in 2006 with 29,722 active listings, while the record low was in 2021 with only 3,376.
New listings in October totaled 4,691, a 7% drop from September's 5,053 and a 23% decrease from October 2023's 3,823. The median close price in October was $599,975, a 4% increase from September's $575,000 and a 3% rise from October 2023's $581,000. The median days on market also saw an increase, climbing 4% to 26 days in October from 25 in September and a significant 63% increase from 16 days in October 2023.
In the million-dollar-plus price point, the attached housing market saw a surprising surge in October, according to Colleen Covell, a member of the market trends committee and realtor at Mile Hi Modern. She noted that the attached and detached markets performed very differently, almost as if they were in separate geographic locations. Despite fewer homes being put on the market, buyers had a lot of options due to the highest inventory levels seen in years.
At the end of October, there were 6,605 detached homes and 476 attached homes available at the million-dollar-plus price point. Covell stated that with this surplus of inventory, buyers saw an opportunity and entered the market. This led to a 63% increase in attached homes going under contract in October compared to September. Additionally, the number of days on market for attached properties dropped significantly from 74 days in September to just 21 days in October.
The news and editorial staff of The Denver Post played no role in the preparation of this article.
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