Denver Metro Area
It’s no secret the housing market has shifted. Understanding what this means for your clients is an additional way you can be the expert they trust. In September, there were seasonal declines in the number of new listings, contracts written, and closings. This could be a great time for buyers to enter the market as inventory levels are higher and homes aren’t moving to Pending as quickly.
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What This Means for Your Sellers
Sellers are resetting their expectations when placing their homes on the market. This September, the number of fresh listings was relatively unchanged compared to last month; however, compared to last September the metric was down 15%. Home price growth is also slowing. Although up 9% year over year, home prices have fallen 6% since their peak in April as buyers take advantage of opportunities to negotiate. In September, 27% of the homes that closed reflected a price that was lower than the original list price.
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How This Affects Your Buyers
Although rising mortgage rates continued to slow the number of home sales in the Denver Metro area in September, the good news for buyers is that there is 118% more standing inventory on the market that we saw this time last year. Plus, more than half of the available inventory has seen at least one price improvement, indicating there is room for buyers to negotiate. The average price adjustment is 3% or approximately $24,000 lower than the original list price.
There was more inventory of homes for sale in September and the competition for those homes continued to cool, which gave buyers more time to shop and make a decision. With more available inventory and less demand, the time it takes for buyers to submit a contract is now a median of 12 days versus the three days we saw earlier in the year.
More Colorado Market Statistics
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.