October 2022 Market Update

October brings us deep into the fall season—a time full of festive celebrations, amber and auburn foliage, autumnal spices, and spooky decor.

Read on for seasonal ideas and discover lifestyle tips to enjoy all that October offers!

MARKET UPDATE

Denver homes continue to appreciate but demand is slowing down as interest rates hit 7 percent in September. Buyer demand has drastically cooled compared to last year's red hot market. While we are still technically in a seller's market, homes are taking longer to sell and homebuyers are enjoying more flexibility mixed with the pain of higher rates. Sellers will need to adjust their expectations as the landscape for demand looks very different than it did this time last year, especially as interest rates are expected to continue to increase in an attempt by the Fed to temper inflation.

Will Mortgage Rates Keep Rising?

While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us. . . . Nationally, while month-over-month house prices may decline, annual house price declines are not expected, given the ongoing supply-demand imbalance and continued strength in the labor market.

- Mark Fleming, Chief Economist, First American

SEPTEMBER STATS

Attached & Detached Single Family Homes

Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson,
and Park.

Are We in a Buyer's Market?

"Traditionally, a market with less than three months of inventory is considered a seller's market. In direct relation to that, a market with more than six months of inventory is considered a buyer's market - meaning that the sweet spot of three
to six months of inventory is defined as a balanced market."

- Libby Levinson-Katz,
Chair of the DMAR Market Trends Committee & Denver REALTOR®

The Average sold price for attached + detached homes rose 8.41% (to $671,024) from September 2021 to September 2022. Even with fewer buyers out there, homes appreciated year-over-year by 8.41 percent on average. Month-over-month, prices are up 2.2 percent.
The Average sold price for detached single family homes in September was $745,947 and $486,773 for condos.
According to the Denver Metro Association of REALTOR® (DMAR), the average home is took 13 days to sell in 2021 and jumped to an average of 26 days in 2022, which is a much more typical number for this time of year.
The close-price-to-list-price ratio (sales price of a home divided by the last list price) was down to 98.91 percent. This means that most buyers are paying almost exactly the asking price.
Buyer demand has drastically cooled compared to last year's red hot market. While we are still technically in a seller's market, homes are taking longer to sell and homebuyers have more options with the pain of higher mortgage rates.
Sellers will need to adjust their expectations as the landscape for demand looks very different than it did this time last year.

LUXURY LIFESTYLE

FEATURED LISTINGS & SALES

1308 Elbert Avenue

Loveland

Offered at $600,000

2450 South Hoyt Court

Lakewood

Pending

6680 Canosa Street

Denver

Pending

10143 Wyandott Circle North

Lakewood

Pending

11714 Olive Street

Thornton

Sold | Represented Buyer

3520 Chase Street

Wheat Ridge

Sold | Represented Buyer

LOCAL HAPPENINGS

OCTOBER 18TH - 23RD

Glow at the Gardens

Wander through a spooky, illuminated landscape as the Gardens dresses up for Halloween. Using all real pumpkins harvested from local farms, these pumpkin artists push the boundaries of traditional pumpkin carving to create larger-than-life sculptures. Learn more here!

OCTOBER 23RD

Howl-a-Ween Parade

Unleash your favorite superhero, ladybug, policeman or princess costume for your four-legged friend for a Halloween-themed pet parade and costume contest. This outdoor event will be held on the Terminal Bar patio, with the Denver Animal Shelter on-site with adoptable dogs and adoption information. Learn more here!

OCTOBER 30TH

Bloody Mary Festival

Head downtown and try a variety of delicious, local Bloody Marys, and vote for the Best of Denver! Learn more here!

LIFESTYLE TIPS AND TRICKS

What You Should Be Planting in the Fall

This may be a little known fact, but fall is the key planting time for a beautiful garden. It's also the key time to give your plants one last manicure before winter sets in. Now that summer's heat is cooling off, it's time for you to switch out your summer annuals for fall appropriate annuals and plant spring bulbs before the first frost.