A balanced market within Denver’s sights
After years of being solidly a seller’s market, Denver real estate is finally shifting more toward buyers. This means that while sellers still have an edge, for the most part, buyers have a bit more leverage in price, timing and other terms for Denver-area homes than they have in a long time.
The market is considered balanced when the months of inventory of homes for sale measures between five and six months. Single-family Denver metro homes above $2 million are solidly showing a balanced market with 5.8 months of inventory in August, according to the September Denver Metro Association of Realtors report. Lower price bands, however, remain solidly in the seller’s market, with homes above $1 million at 2.5 months inventory, and under $1 million from 1.5 and 2 months inventory.
This changing market reflects in how long homes are staying on the market and, in the ultimate tell, average price.
In August, the average price of Denver single-family homes sold that month was $746,829, roughly flat from a year ago (up 0.03%). The graph showing the change in average price over the last few years, reveals the flattening of the price increases.
Source: September Denver Metro Association of Realtors report
But that doesn’t mean that sellers have to settle. They just need a realistic pricing strategy, to hit the market at the right level to ensure as fast and high-dollar sale as possible.
Reach out to me if you’d like my expert opinion on your home or your house search.
Want help navigating on the changing Denver neighborhood real estate market? Email me at firstname.lastname@example.org
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