According to the S&P CoreLogic Case-Shiller Indices for June, home price gains are continuing to slow across much of the country, including in metro Denver, where they are starting to move in line
Despite Minor Cooling Denver Still Considered A Hot Market
If you’ve been keeping your finger on the pulse of the real estate market in the Mile High City, you’re probably aware that Denver’s been experiencing a bit of a cool down in recent months. It comes as a welcome change for buyers - we’ve seen home inventory creeping upward and home prices staying steady and even declining in some instances. Despite all that, however, it still takes work to find a deal in Denver.
As we mentioned before, inventory in Denver is increasing, but it’s still nowhere near where it once was. In March of 2018, there were just 3,900 homes to be had in Denver. Today that number is up to 6,000, but that’s still about 10,000 homes below historic averages for inventory which fluctuate anywhere from 14,000 to 24,000 in the metro area.
And what is available is getting scooped up quickly with average days on the market at less than 30. If the house is priced just right, that number is closer to 7 or 14 days.
Sellers are getting fewer offers, but that’s not impacting much. Around this time last year sellers received an average of 7-8 offers, and now it’s more like 3 or 4, which is still very competitive.
What are some things you can do to increase your chances of finding your dream home in Denver? The first is getting prequalified for a loan. Taking this step tells sellers you are serious about buying.
Another thing you can do to increase your chances of landing a great place is to go in with a strong offer. In the Denver market you’re not going to get anywhere with a low bid. Competition here is fierce. You should go in under the assumption that there will be other buyers interested in the same house and bid accordingly.
The slight cooling in Denver’s market is great news for buyers, but for the most part, we’re still in a seller’s market. Don’t get discouraged though – there are still some great deals to be found in the Mile High. Contact Metrowest today – our experienced pros would love to show you around!
Dedicated father of 2 gorgeous girls with an amazing blended family of 7. An avid outdoorsman that has come to love everything that our beautiful Rocky Mountains have to offer! With a career in Real ....
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