Denver real estate changing with the leaves

Heading into Thanksgiving, it’s clear that the heady, euphoric real estate days of 2021 and early 2022 are behind us. Buyers are taking longer to buy, convenience-driven moves are becoming scarce and prices are dropping, some.

But Denver is still a place people want to be, so the fundamental home demand remains solid. And for those people who need to buy and sell, we’re still seeing activity. But I’m seeing on the ground, and the data supports it, that moves driven by convenience are becoming less prevalent.

In many ways, this is the market correction we’ve all been anticipating. The yearslong hot sellers market is finally shifting more toward buyers — overall, however, sellers still have an edge.

The average closed price of single-family Denver metro homes of $738,145 in October represents a 1.0 percent drop from September and a 10.1 percent drop from the 2022 high in April of $821,258.

Source: Denver Metro Association of Realtors October Market Report

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An example

I like to supplement my overall market analysis with a specific example, as it helps illustrate how I see the numbers actually playing out in specific transactions in my central Denver neighborhood core market.

863 S Williams Street, in East Wash Park is a great example.

863 South Williams Street

I represented the previous seller on this wonderful home in 2021. We closed on April 16. The home sold for $2.1 million, $300,000 more than list price. We had multiple offers, several all cash with quick closes. We went under contract five days after listing.

Fast forward to this year, the same home is now listed at $2.35 million on November 11 and has received two offers, both contingent upon the sale of the buyers’ existing homes.

On a weekend earlier this month, my brokerage milehimodern had 21 houses hit the market — only one went under contract that weekend. That’s a big change from earlier this year.

Still, people want to be in Denver. And while prices have fallen, interest rates are also dropping a bit.

This is the time to have a great agent. That’s why we need to refresh the listing, to know the market, and to know how to price.