Less than 2 months remain between now and the start of 2014, all indications are that the year will end strong on a record setting pace.
Mortgage interest rates fluctuated both upwards and downwards in October and conventional and cash financing continues to top the list of financing options for closings.
Overall, the Denver market has a two month plus supply of homes available for sale at the current sales rate. Single Family Residential homes have a 2.25 month supply and Condos have a 1.73 month supply.
The top five (5) counties for homes sold/closed continues to be Denver, Arapahoe, Jefferson, Adams, and Douglas ranked from highest number of closings to lowest.
In the month of October, 5,152 new listings came on the market, 5,452 homes went under contract, and 4,628 homes closed/sold for a closed dollar volume of $1.4 Billion.
At October month end, the largest block of homes available for sale continues to be in the price range of $200,000 to $299,999 for Single Family and $100,000 to $199,999 for Condo.
For October Year To Date, 61,730 new listings came on the market, 61,515 homes went under contract, and 47,295 homes closed/sold for a closed dollar volume of $14.4 Billion.
For Single Family homes closed October Year To Date, 23% were in the price range of $0 to $199,999, 34% were in the price range of $200,000 to $299,999, and 31% were in the price range of $300,000 to $499,999. For Condo homes closed October Year To Date, 66% were in the price range of $0 to $199,999, and 30% were in the price range of $200,000 to $499,999.
Consumer confidence dramatically decreased in October to 71.2 down from 81.2 in September.
Resale home alternatives of new home builders and rental properties continue to participate in the market.
Distressed properties, while still in the market, are continuing to decrease in relation to the total market.
In an ever changing market, homebuyers can only remain competitive by doing their homework and coming to the table prepared. Sellers; keep in mind that buyers are independent, well informed, and that the first impression of your home should be a lasting impression.
The above representation may or may not reflect all real estate activity in the market.