Buyers are beginning to settle for “as-is” offers in Denver, a result of the dramatically dwindling housing supply and increasing home prices. The Denver Post reports the number of active listings at the end of October dropped to 4,821, which is a 9% decline from September and 43.7% decline from last year. The competition also forced buyers with more escalation clauses, appraisal gap waivers, and the inability to demand any concessions, according to one Denver real estate agent. The median Denver home price hit $519,900 in October, a 1.9% increase from the previous month and a 14.3% increase from October 2019.
The average closing price was $625,100, a 4.5% gain from September and an 18% increase over the past year.
Condo activity was more subdued than single-family but still strong. The median price of a condo or townhome sold was $339,425, an increase of 1.32% from September and 9.85% from October 2019. The average closing price was $393,733, a 2.3% increase month-over-month and a 7.86% gain over the year.
The number of homes and condos sold in metro Denver in October fell 7.1% from September, but remains up 16.3% for the year.