September Market Update

Introduction

• Presenter: Allison Wall, real estate strategist and realtor for South Denver area.
• Focus: September market numbers and trends.

Market Activity

• Homes Under Contract: 3,650 homes, unchanged from last month, up 10-12% from last year.
• Closings: 3,500 closings, a decrease of 100 from the previous month (3% change).
  • Year-over-year: down 6%.
• New Listings: 4,700 new homes, 300 fewer than last month.
  • Down 5% month-over-month and 4% year-over-year.
• Inventory: Month of inventory remains steady, with average days on market increasing to 30.
  • Median days on market increased to 21 days.

Home Prices

• Average Close Price: $740,000, up $3,500 from the previous month.
  • Year-over-year: up 25%.
• Single-Family Homes: Average price at $793,000.
  • Up $99,000 from last month; year-over-year increase of 1%.
• Condos and Townhomes: Average price $439,000.
  • Down $116,000 from last month; month-over-month down 32% and year-over-year down 7%.

Median Prices

• All Homes: $589,000, a decrease of $11,000 (down 2% month-over-month).
  • Year-over-year: up 1.2%.
• Single-Family Homes: Median price $650,000, down $7,000 (1% month-over-month).
• Condos and Townhomes: Median price $395,000, down $116,000 (4% month-over-month).

Market Trends and Insights

Condos and Townhomes

• Continued downward trend in condo and townhome prices.
• Sellers advised to wait until Spring 2025 to seek top dollar.
• Focus on presentation and pricing if selling before year-end.

Single-Family Homes

• Price increase indicates strong buyer activity.
• Market sees a push between Labor Day and Halloween with increased activity.

Buyer and Seller Dynamics

• Buyers still have the upper hand with 35% of homes under contract returning to market.
• Indications of strong buyer interest despite challenges.

Future Market Predictions

• Strong market anticipated in 2025, with possible launch post-holidays.
• Factors influencing predictions:
  • Elections causing a slowdown, resuming normalcy post-event.
  • Downward trending interest rates encouraging market activity.
  • Strong job market in Denver boosts housing demand.
  • Expected rapid price increase in early 2025.

Conclusion

• Encouragement for individuals to reach out for personalized market strategies.
• Continuous updates and insights offered weekly.