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Trick or Treat? It depends on the timing in our October market. Libby Levinson-Katz, Vice Chair of the DMAR Market Trends Committee is on point with a summary of the Denver October market stats: “The October market data showcases a tale of two markets. In the first half of the month, buyers were lured back into the market by a brief break in interest rates. Leading up to the highly anticipated Fed rate cut, mortgage rates hit a 19-month low in September at 6.1 percent bolstering sales into October. However, with stronger-than-expected economic data throughout October, rates continued their upward climb, crossing the seven percent threshold by the end of the month. The swift rise in rates created a “pause” effect, amplifying the anticipated election-related paralysis among buyers in the latter half of the month.”
Bullet points with October stats:
~ The median sold price for single family homes (including attached and detached) in October is $599,975 which shows an increase of 4.34% from last month (September) and an increase of 3.27% from last year.
~ The average number of days on MLS in October 2024 was 44 days, which shows a 10% increase from last month (September) and a 37.50% increase from last year in October.
~ Active listings at month end are 10,940. This shows a 1.57% decrease from last month (September) and a 46.22% increase from last year in October.
~ Average active listings for October are 14,478 (1985-2024). Record high October was 2006 with 29,722 listings and the record low was 2021 with 3376.
~ This year’s drop in active listings from September to October is smaller than the historical average for this period.
Please reach out with any questions. I am happy to help.
If you have any questions or would like to discuss selling or purchasing a property, contact me today at 303-949-9683 or Amy@MountainTimeRealEstate.com .
#RealEstate #MarketStats #DenverMetro #MountainTimeRealEstate
