Denver’s Realtor Association Reports That October Listings & Sales Broke 22 Records

     The Denver Metro Realtor Association (DMAR) has just released a report by its Market Trends Committee which noted that 22 different records were broken during October. Below is their summary, which is based on statistics from REcolorado, the Denver MLS. These statistics are for the entire MLS which lists property statewide but primarily the Denver metro area. Below is my own analysis limited to the Jeffco statistics from the same MLS.

ACTIVE LISTINGS

     (All Residential) 4,821 represents the lowest October on record. The previous low for October was 6,731 in 2016.

     (Detached) 2,643 represents the lowest October on record. The previous low for October was 4,720 in 2017.

CLOSE PRICE — MEDIAN

(All Residential) $475,000 represents the highest amount on record. The previous record was $460,000 recorded in July, August and September of this year.

(Detached) $519,900 represents the highest amount on record. The previous record was $510,000 in September of this year.

(Attached) $339,425 represents the highest amount on record. The previous record was $335,000 in September of this year.

CLOSE PRICE — AVERAGE 

(All Residential) $561,999 represents the highest amount on record. The previous record was $540,890 recorded in July 2020.

(Detached) $625,100 represents the highest amount on record. The previous record was $602,264 in August 2020.

(Attached) $393,733 represents the highest amount on record. The previous record was $384,902 in September 2020.

DAYS IN MLS — MEDIAN

(All Residential) 6 days represents the lowest October on record. The previous low for October was in 2015 of 10 days.

(Detached) 6 days represents the lowest October on record. The previous low for October was in 2015 of 11 days.

DAYS IN MLS — AVERAGE

(All Residential) 24 days represents the lowest October on record. The previous low for October was in 2015 of 25 days.

(Detached) 23 days represents the lowest October on record. The previous low for October was in 2015 of 27 days.

NEW LISTINGS

(Attached) 2,022 represents the highest October on record. The previous high for October was 1,657 in 2019.

CLOSED LISTINGS

(All Residential) 5,984 closed transactions represent the highest October on record. The previous high for October was 5,144 in 2019.

(Detached) 4,352 closed transactions represent the highest October on record. The previous high was 3,709 in 2019.

(Attached) 1,639 closed transactions represent the highest October on record. The previous high was 1,461 in 2017.

MONTHS OF INVENTORY

(All Residential) 0.81 months represents the lowest number on record. The previous record low was 0.91 months of inventory in September 2020.

(Detached) 0.61 months represents the lowest amount on record. The previous record was 0.72 months of inventory in September 2020.

PENDING

(All Residential) 6,141 pending transactions represent the highest October on record. The previous high for October was 6,062 in 2017.

(Detached) 4,337 pending transactions represent the highest October on record. The previous high was 4,330 in 2017.

(Attached) 1,804 pending transactions represent the highest October on record. The previous high was 1,732 in 2017.

SALES VOLUME

(All Residential) $3,363,002,016 sales volume represents the highest October on record. The previous high for October was $2,487,936,752 in 2019. July 2020 holds the all-time record of $3,965,805,480.

Of particular interest, in my opinion, is the difference between the median and average “Days in MLS.” While half the listings went under contract in 6 days or less, the average was 23 or 24 days. That  gap is a reflection of how many homes are overpriced and linger on the market a long time, raising the average DIM when they finally go under contract. A search of currently pending MLS listings shows that 983 of them were “Active” for 100 days or longer before finally going under contract. Compare that to 4,097 listings that went under contract in 1 to 6 days.