REcolorado data for November shows a housing market that is experiencing seasonal cooling as consumers prepare for the holidays. Demand for homes is lower than last year, as indicated by year-over-year decreases in closings and homes going under contract.
We continue to see price growth from a year-over-year perspective, but we are no longer seeing the double-digit growth that we experienced earlier this year and last. Median home prices are up 4% year-over-year and decreased slightly from last month. More than half of the homes that sold in November had a closing price that was lower than the original list price.
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What This Means for Sellers
Homes are taking longer to sell. In November, homes spent a median of 22 days on the market, which is 17 days longer than last year and 4 days longer than last month.
There are indications that sellers are waiting until 2023 to put their homes on the market. The number of homes sellers brought to the market in November was 28% lower than what we saw last year, making November the fifth consecutive month that the number of newly listed homes has decreased. From a month-to-month perspective, the number of new listings of homes for sale saw a seasonal decrease of 30%.
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How This Affects Buyers
REcolorado data indicates buyers have more bargaining power. The median closed price of a home in the Denver Metro area is continuing to slow and more than half of all homes that closed in November saw a closed price that was lower than the original list price. The average price decrease was $23,783, or 3.3% lower than the original list price.
Buyers also have more choices. Standing inventory, which is measured by the number of Active listings at the close of the month, returned to pre-pandemic levels in November. Plus, the number of listings actively available for sale is 148% higher than we saw last November.
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REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we provide housing market data and collaboratively produce statistics reports with local REALTOR® associations.