Despite concerns that buyers would delay home purchases until after the election, the Denver metro housing market was buzzing in October.
This activity goes against a national trend. A Redfin Survey shows that 23% of first-time buyers plan to wait until after the election to buy, citing economic uncertainty, potential interest rate cuts and the consequences of candidate policies.
This is evident from the monthly report Denver Metro Association of RealtorsLast month, homebuyers closed on 3,443 homes, up 2.3% from September and up 8% from 3,189 in October 2023. Pending sales of 3,578 were up 1% from September and 22% from 2,940 in October 2023.
Post-election sales
Traditionally, buyers and sellers refocus on the housing market after the final election results.
Michelle Schwinghammeralong with West+Main and a member of the DMAR Market Trends Committee, analyzed data from the last three election cycles and found increased price volatility in the 11-county Denver metro area leading up to elections. This will be “followed by greater price stability and a return to traditional seasonal patterns after the elections. Once the results come in, buyers and sellers tend to return to business as usual,” she says.
October’s 10,940 active listings were 2% lower than September’s 11,115 and 46% lower than the 7,482 in October 2023. The average number of active listings in October from 1985 to 2024 is 14,478, with an all-time high of 29,722 in 2006 and a record low of 3,376. in 2021.
The number of new listings of 4,691 decreased by 7% from 5,053 in September and by 23% from 3,8238 in October 2023.
The average closing price of $599,975 is 4% higher than the $575,000 in September and 3% higher than the $581,000 in October 2023.
The average number of days on market increased 4% to 26 days in October, up from 25 in September and up 63% from 16 days in October 2023.
Million dollar homes
The contiguous housing market (condos, townhomes) in the million-plus dollar price range saw a surprising increase in October, said Colleen Covellmember of the market trends committee and broker at Mile Hi Modern.
She said the linked and standalone markets performed so differently that it almost seemed as if they belonged in separate geographic locations.
Although fewer sellers were putting their homes on the market, buyers had plenty of choices as the market produced the highest inventory levels in years, Covell said.
At the end of October, there were 6,605 detached and 476 semi-detached homes available at a price of more than a million dollars.
“With this excess inventory, buyers saw an opportunity and entered the market,” she said. “The affiliate market saw a dramatic 63% increase in the number of homes under contract in October compared to September.”
The number of sales days for attached homes fell in October from 74 days in September to 21 days.
The Denver Post news and editorial staff had no role in the preparation of this report.