Inventory on the Rise Heading into Fall

Blog Post Image
Market Trends

Note to readers: Beginning with this monthly update, all market statistics will reference the Denver Metro Association of Realtors’ report, which includes data from 11 counties (compared to previous monthly updates that included data from seven counties). 
                                                         Inventory on the Rise Heading into Fall – September 2018 Metro Denver Market Update 
While we are still in a market that favors sellers, a decrease in average home prices and an increase in days on market is providing buyers with some optimism. In addition, the number of options for buyers has increased as inventory reached the highest level in four years. 
Vital statistics for last month include: 
- The average price for all homes – detached single family (DSF) and attached single family (ASF) combined – declined 0.6 percent from the previous month and rose 9.7 percent from a year ago;  
- Total inventory increased nearly 8 percent compared to the previous month and 12 percent year over year; and 
- Days on market rose from the previous month for both DSF and ASF, increasing to 23 and 20 days, respectively. 
An increase in mortgage rates has led to fewer mortgage applications compared to a year ago. With less buyer activity, there seem to be fewer multiple offers, inspection allowances and appraisal guarantees. However, well-priced move-in ready homes are still selling quickly. 
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or I am never too busy for your referrals. 
This update is based on information provided by the Denver Metro Association of Realtors® for the period of August 1, 2018, through August 31, 2018, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.