Still Less Than One Month of Inventory
Here are the September stats for our 7-county metro area courtesy of REColorado and SMDARA.
· Buyers and sellers closed on 5,206 properties last month, down 12.7% from last year; but up 12.4% from 2019.
· Solds this September were easily the 2nd highest ever seen in September. Only last year’s Covid influenced numbers were higher.
· 1,549 attached homes closed last month, down 11.5% from 2020, but up 12.8% from 2019.
· 3,657 detached homes closed last month, down 13.2% from 2020, but up 12.2% from 2019.
· There were 5,783 new listings last month, down 4.5% from last year, but up 4.7% from 2019.
· We saw 1,660 attached homes newly listed for sale last month, down 13.9% from 2020 and down 0.3% from 2019
· 4,123 detached homes were newly listed last month, down 0.1% from last year, but up 6.8% from 2019.
· New listings last month were the 2nd highest for September in the last 10 years. Only last year had more new listings with 6,057 versus 5,783 this year.
· Buyers placed 5,287 homes under contract last month, down 3.9% from last year, but up 14.2% from 2019.
· This was the 2nd highest amount of pendings or under contracts in the last 5 years by a large margin, up over 14% from 2019.
· We ended September with just 3,079 properties for sale, down 32.4% from last September and down an amazing 63% from September 2019.
· We closed September with 0.59 months of inventory or 18 days. This was the 16th consecutive month with less than 1 month of inventory!!!
· Average days in market was 13, down from 22 days last year.
· Median days in market was 5, down from 6 days last year. The median days in market has now been 5 days for the last 2 months after having been just 4 days for the previous 5 months of March through July.
· Median days in market was 10 days or less for all price ranges less than $900k.
· The average closed sales price last month was $614,929, up 16.4% from last year and up 30.4% from 2019.
· Attached closed sales prices last month was $441,248, up 16% from last September and up 25.1% from 2 years ago.
· Detached closed sales prices last month was $688,495, up 16.7% from 2020 and up 32% from 2 years ago.
· For perspective, the average closed sales price in September 2012 on a single-family detached home was just $312k.
· The median closed sales price last month was $530k, up 16.5% from last September and up 28% from 2 years ago.
· The median closed sales price for attached homes was $375k up 13.7% from last year and up 21% from 2 years ago.
· The median closed sales price for detached homes was $575k, up 14.4% from last year and up 29.2% from 2 years ago.
· For perspective, the median closed sales price for a detached home was just $259k in September 2012.
· the average closed to original list price ratio was 101.1%.
Here are the year to date numbers through the end of the 3rd quarter—
· We have had 51,790 new listings so far this year, the second fewest in the last 5 years.
· So far this year buyers have placed 47,740 properties under contract, the most in the last 5 years. This is an increase of 3.4% from 2020 and an increase of 7.2% from 2019.
· Only 2020 and 2021 have seen more than 45k properties go under contract in the first 9 months of the year.
· Buyers and sellers have closed on the most properties in the last 5 years with 45,286 closings so far. This is 5.9% higher than last year, the second best year.
· The average closed price year to date is $602k for all properties and $426k for attached homes and $681k for detached homes.
· The median closed price year to date is $520k for all properties, and $365k for attached homes and $575k for detached homes.
· Median days in market this year so far is just 4 days.
My Thoughts and Observations—
· Pendings, solds, and new listings were all at the second highest levels seen in September in the last 5-10 years. Demand is still exceptionally strong, but thankfully we had more new supply last month.
· When looking at year to date numbers, demand as measured by pendings and solds has never been stronger.
· Unfortunately, the amount of new listings is the 2nd lowest in the last 5 years.
· This is why we have less than 1 month of inventory of homes for sale and prices are soaring by double digits.
· Detached home sold prices are now up about 30% from 2019 as the median price in 2019 was $445k and this year was $575k.
· Bidding wars are less plentiful and smaller versus this spring. Still single family detached sales prices have never exceeded the original list price in the previous 9 years.
· What constitutes a DEAL today? Getting a home for list price.
· For buyers with small down payments now is the time to be looking for a home. Do NOT wait until 2022. Now is your opportunity and don’t let it slip by.