Metro Denver Market Enters Period of Neutrality
Homes Now Staying Nearly a Month in the Market Before Selling, Sellers Urged to Price Homes Competitively
After a decade of extreme fluctuations, the Denver metro area appears to be entering a “period of neutrality” as homes stay in the market for longer and inventory levels shift in favor of buyers, the Denver Metro Association of Realtors (DMAR) September housing market report shows.
“I believe we are moving toward a balanced market, which we haven’t seen in over 16 years,” said a DMAR spokesperson. “The month of September continued to see an increase in active listings, with 7,683 single-family homes and condos in the market, a 10.72 percent increase over the prior month and a 26.8 percent increase since the start of summer.”
The number of homes and condos sold in September, however, dropped by 8.40 percent with a total of 4,113 properties closed in September a 27.6 percent drop from last year, a sign that sellers are struggling to keep up with changing pricing trends.
Single-family homes sold for a median price of about $632,000, a 2.02 percent decrease from August, but condos saw the inverse last month, selling for a median price of about $410,000, an increase of 2.68 percent, according to DMAR.
Homes and condos are now staying in the market for nearly 30 days, compared to their lowest point during the year in April, when they sold in less than 10 days.
“Buyers can now take time to find the right house and negotiate the purchase price, inspection-related repairs and appraisal values,” the report states, arguing that even though interest rates are higher because of Biden’s inflation, buyers…at least some of them…are getting used to the increased rates and are using all available marketplace tools at their disposal to find and close on a home.”