Denver’s hot October housing market bucks pre-election tradition

Despite concerns buyers would delay home purchases until after the election, metro Denver’s housing market sizzled in October.

That activity bucks a national trend. A Redfin survey shows that 23% of first-time buyers plan to wait until after the election to purchase, citing economic uncertainty, potential rate cuts, and candidate policy impacts.

According to the monthly report from the Denver Metro Association of Realtors, homebuyers closed on 3,443 properties last month, up 2.3% from September and an 8% jump from 3,189 in October 2023. Pending sales of 3,578 were up 1% from September and 22% from 2,940 in October 2023.

Post-election sales

Traditionally, buyers and sellers refocus on the housing market after final election results.

Michelle Schwinghammer, with West+Main and a DMAR Market Trends Committee member, analyzed data from the last three election cycles and discovered more price volatility in the 11-county Denver metro area leading up to an election. That’s “followed by increased price stability and a return to traditional seasonal patterns post-election. Once results are in, buyers and sellers tend to shift back to business as usual,” she said.

October’s 10,940 active listings were down 2% from September’s 11,115 and down 46% from the 7,482 in October 2023. The average number of active October listings from 1985 to 2024 is 14,478, with a record high of 29,722 in 2006 and a record low of 3,376 in 2021.

New listings of 4,691 dropped 7% from September’s 5,053 and 23% from October 2023’s 3,8238.

The median close price of $599,975 is up 4% from September’s $575,000 and up 3% from $581,000 in October 2023.

The median days on market climbed 4% to 26 in October, up from 25 in September and up 63% from 16 days in October 2023.

Million-dollar homes

The attached housing market (condos, townhomes) in the million-dollar-plus price point experienced a surprising surge in October, said Colleen Covell, a market trends committee member and realtor at Mile Hi Modern.

She said the attached and detached markets performed so differently that it was almost like they belonged in separate geographic locations.

Although fewer sellers put their homes on the market, buyers had plenty of choices because the market provided the highest inventory levels in years, Covell said.

At the end of October, 6,605 detached and 476 attached homes were available at the million-dollar-plus price point.

“With this inventory surplus, buyers sensed an opportunity and entered the market,” she said. “The attached market saw a dramatic 63% uptick in homes going under contract in October compared to September.”

The number of days on market for attached properties plummeted in October to 21 days from 74 days in September.

The news and editorial staffs of The Denver Post had no role in this post’s preparation.