Here are our September Stats and Data for the 7-county metro Denver area courtesy of SMDRA and REColorado
· 4,003 properties sold last month, down 24.8% from last year.
· 1,190 attached properties sold last month, down 25% from last year
· 2,813 detached properties sold last month down 24.1% from last year.
· We saw 4,927 newly listed properties in September down 14.8% from last year.
· New listings are up by 1.2% from August which surprised me as I expected a continued drop in new listings.
· Of those new listings 1,388 were attached homes, down 16.4% from last year.
· And we saw 3,539 detached homes newly listed in September, down 14.1% from last year.
· Buyers placed 3,563 properties under contract, down 29% from last year.
· The average sold or closed price for all properties last month was $662,698 up 8% from last year.
· The average sold price on attached homes was $478,145, up 8.5% from 2021.
· The average sold price on detached homes was $740,771, up 7.7% from 2021.
· The median sold price for all properties last month was $575k, up 8.5% from 2021.
· The median sold price for attached homes was $405k, up 8% from last year.
· The median sold price for detached homes was $627k, up 9% from 2021.
· We ended September with 6,891 active listings.
· Inventory increased by 9.2% from August.
· This puts months of inventory at 1.72 months.
· Average days in market was 26, up 100% from last year.
· Median days in market was 17, up from 5 days last year.
· Every price range required a minimum of 11 median days in market in September.
· The average closed to original list price ratio was 96.1%.
· The median closed to original list price ratio was 97.5%.
· This tells many homes required big price drops to sell as list prices started too high.
How do today’s numbers compare to September 2018 numbers which was the last time we saw rates rise as they rose about 1.25% in 2018 to nearly 5%.
· Closings are down just 1.4%
· Pendings are down 11%.
· New listings are down 10%.
· Average Days in Market down 1 day from 2018
· Median Days in Market up by 4 days from 2018.
· The average closed to original list price ratio in 2018 was 97.7%. We are down 1.6 percentage points.
· The median closed to original list price ratio in 2018 was 100%. We are down 2.5 percentage points from 2018.
· Thus, the sky is NOT FALLING.
I am wondering did 2 years of massive bidding wars and homes for selling for as much 6%+ over list price cause the pendulum to swing so much?
I normally don’t pay much attention to price changes month to month but since the media is SCREAMING about home prices dropping monthly and I looked at this data—
· Average sold prices INCREASED by 2% from August to September.
· Average sold prices of attached homes INCREASED by 6.1% from August
· Average sold prices of detached homes INCREASED by 0.3% from August
· Median sold prices were unchanged from August.
· Median sold prices of attached homes INCREASED by 2.3% from August.
· Median sold prices of detached homes DROPPED BY 2% from August.
· The average price per square foot increased 0.3% from August.
· The average price per square for attached homes dropped by 0.7%. This is very interesting since the average sold price increased by 6.1% and this tells me larger more expensive units sold. This is why I like the average price per square foot as it’s the GREAT EQUALIZER.
· The average price per square foot for detached homes INCREASED by 2.8% the first increase since May.
· The average price per square foot for all properties was up 7.7% from last year.
My Thoughts and Analysis
· The number that concerns me the most is Pendings being 29% from last year and down 20.7% from August probably because mortgage rates started to rise in early August and have continued increasing.
· So far this year we have seen 38,360 properties sell. I bet we will end the year with about 47k solds, down from 60k last year.
· Incredible to see price drops month over month END! This is great news! The only category we saw a price drop in was median detached prices being down 2%.