Denver’s real estate market is showing signs of cooling but compared to the rest of the nation, it’s still very much a seller’s market. So how do you compete in a hot market like the Mile
Denver Real Estate Market Continues To Steady
By combining statistics from the RE Colorado MLS with further research by LIV Sotheby’s International Realty, the Denver Post recently published a feature giving a great overview and recap of the city’s current real estate climate. According to their findings, all signs point to Denver becoming a more stable, predictable market.
Report highlights include:
By averaging price ranges (single-family/with condo sales) and comparing information from September 2018 to September 2019, the Post found sales increased from 3%-6% (according to three surveys).
“New” listing inventory is 5% higher, giving buyers more homes to view — while days on the market increased by about 25% from 25 to 32 days before selling.
Available inventory was relatively low over the past few years, indicating sellers might be in the driver’s seat. However, that is not the case. It may no longer be a seller’s market, but do not consider this a buyer’s market either.
Additional “for sale” inventory means it takes longer to receive an offer, and buyers can more comfortably shop for a new home and negotiate with sellers a little more this year. In August, 37% of properties sold (all price ranges) had price reductions prior to receiving an acceptable offer.
If you want, or need, to sell rather quickly, price your property at market value, or even a little below. Many times, sellers wait too long testing the market before reducing the price and ultimately receive less than what they may have achieved with proper evaluation.
With inventory increasing and prices keeping steady, now may be a perfect time to become a homeowner in the Mile High City. Contact Metrowest today – we’d love to show you around!
Ann Gould Potarf is a native of Denver and a graduate of Colorado State University. Her most recent experience was carrying on her dad’s legacy and restoring the dignity in the less fortunate and h....