Denver Metro Market Update: November 2021
Here’s a quick update for our Denver Metro area real estate market.
Today we wanted to give you an update on our Denver Metro real estate market. Let’s jump right in:
The number of active listings dropped by 15% month over month. Some of that is seasonality, but we also saw a year-over-year drop of 30%, which shows that we’re still dealing with low inventory.
Closed homes dropped 8% month over month, but 20% year over year.
The average sales price for single-family homes and condos was just under $613,000.
- That’s a month-over-month decrease of 1%, but a year-over-year increase of 10%. That 10% increase is huge, but remember that we were seeing 25% earlier this year, so the buying craze has slowed down.
Mike Shanahan, former coach of the Denver Broncos, just broke the record in Denver by selling his home for $15,752,000.
In other news, Zillow has stopped their iBuyer program; they are no longer purchasing homes. They own around 7,000 homes right now, which is worth about $2.8 billion, and two-thirds of those homes are listed for less than Zillow bought them for. You can only imagine the losses they must have taken.
The buying craze has slowed down, but inventory is still very low.
Finally, the supply of homes as 1,400 square feet or below is at a five-year low. We believe that’s because of elderly folks downsizing and people trying to enter the market at an affordable price point.
We hope this helped you understand our market. If you have any questions about this or other real estate topics, give us a call. We’d be happy to help.