You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and
Denvers Real Estate Scene Becoming Better For Buyers But Its Still A Sellers Market
Denver can still be considered a seller’s market, however, homes are taking longer to sell in the Mile High City, and there’s also more to choose from, according to the September report from the Denver Metro Association of Realtors (DMAR).
Report highlights include:
Metro-area homes now spend an average of 33 days on the market, according to DMAR. That’s an increase of over 22 percent compared to September 2018.
There are also more homes to choose from, with active inventory up more than 5 percent year-over-year in September.
Despite the changes, Denver’s real estate market hasn’t shifted in favor of buyers, according to DMAR Market Trends Committee Chair, Jill Schafer.
Schafer said that sellers still hold the upper hand in the 11-county metro area. According to DMAR, September ended with 2.04 months of single-family inventory and 2.12 months of condos for sale, and anything under five months is still considered a seller’s market.
The biggest indicator of Denver still remaining a seller’s marketing is home prices. Home-buying in metro Denver is still very competitive and prices continue to show that. After topping out at $430,000 in the spring and summer, the median sale price dipped slightly to $415,000 in September. While that’s a little lower than the previous month, it’s still 3.75 percent higher than the same time last year.
If you’re ready to become a homeowner in Denver, now could be a great time to start looking. Contact Metrowest today – we’d love to show you around!
Brian Baczewski has been a student of the Colorado Front Range Real Estate market for the last decade. Prior to joining Metrowest Real Estate Brian Baczewski was a project manager for a national....
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