Through October, the average sale price of a Denver area condo is up 3.73% to $364,449 year to date, according to the latest report from the Denver Metro Association of Realtors.
October was a fairly typical month for single-family and condo homebuyers and sellers, but was highlighted by an abnormal dip in new listings, down 10.14%, which likely attributed to a drop in homes sold. That being said, inventory is still up 4.37% for the year and sold homes are up 1.85% for the year.
Specifically on the condo side of the market, there were 1,657 new listings in the month of October, with 1,436 going under contract.
Condos, on average, are spending 34 days on market. That can be sped up if the unit is priced right and move-in ready. Many condo sales involved a price reduction in the month.
Of the 1,306 condos in the Denver area that sold, the average sale price in the month of October was $365,665.
Condo year-to-date price per square foot took a significant jump from $487 in October 2018 to $585 in October 2019.
As we saw last month, buyers are starting to get the upper hand on home sales across the board as inventory continues to rise. That’s especially true in the luxury markets — homes above the $1 million mark — and the higher-end condo market.
There were 26 condos that sold over the $1 million price, with the average sale price hitting $1.37 million, up from $1.29 million last month, but down 3% from last October’s sales.
There’s currently 6.13 months of luxury single-family home inventory, which is about that perfect equilibrium between a buyer’s and a seller’s market.
On the condo side, inventory is largest in the $750,000 to $1 million range (4.74 months worth) and the $1 million-plus category (4.35 months). Across all condo inventory, there’s a little more than 2 months worth of inventory.
Denver High-Rise Living agents keep a close eye on the market and understand what it means for buyers and sellers. Find your condo expert today.