While Denver’s real estate market is experiencing a bit of a cooldown, house hunters in the Mile High City know that prices here are still high. Still, if you know what pockets to search in, there
Denver Sellers Market Shifting To Buyers
Housing inventory continues to be in an issue in Denver, which often puts sellers at an advantage. As inventory numbers are slowly creeping up in the Mile High City, industry pros are seeing buyers taking back a bit of power in this tight market.
According to a recent report from the Denver Metro Association of Realtors (DMAR) in June, metro Denver’s housing market began to show signs of cooling after a hot run at the start of the year. More sellers had to drop their asking prices, fewer buyers attended showings and made offers, and homes took longer to sell. From record highs reached in May and June, prices have come down 4.9 percent.
Many wrote that off as the usual seasonal slump coming early, in September, home sales fell even harder despite a lot more properties on the market.
Steve Danyliw, chairman of the market trends committee at DMAR and a Denver real estate agent said the amount of showings per listing is dropping and the days on market are increasing. This tells us that there are fewer buyers and less activity.
Other DMAR data highlights include:
Last month, there were 3,989 single-family homes and condos sold in metro Denver, a drop of 28.9 percent from August and 20.2 percent from a year earlier. The last time so few homes sold in September was back in 2012.
The inventory of homes available for sale shot up 7 percent from August to 8,807, the highest number available since the fall of 2013, when the Denver market was starting to take off. Normally, the number of homes available for sale drops slightly in September.
If you’re considering purchasing a house in the Denver metro area, now may be the time. The first thing you’ll want to do is get an experienced pro on your side. Contact Metrowest today – we’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
Latest Blog Posts
The popularity of the Mile High City is apparent in nearly every demographic. Both the old and young, natives and “transplants” alike love Denver. As newcomers flock to the area, a handful of