As recently reported by Bloomberg, the Denver housing market appears to be slowing, and September’s data may support that claim. Compared to the previous month:
- The average sold price for both detached single family (DSF) and attached single family (ASF) homes declined;
- Total inventory increased to 6,851;
- Days on market (DOM) increased for both DSF and ASF; and
- The percentage of homes selling in seven days or less decreased.
However, for buyers and sellers looking to time the market, it is important to keep in mind the following:
- The average sold price in every metro country and category increased between 7 to 18 percent compared to the previous year.
- Low inventory, demand from large demographics such as Millennials and Baby Boomers, and rising rent continue to fuel the sellers’ market in the below-$400,000 price range.
- At price points above $400,000, buyers have more of an advantage as:
- The average list-to-sold price drops below 100 percent;
- Inventory noticeably jumps;
- Fewer than 32 percent of the properties go under contract in seven days or less; and
- The average DOM is more than 40 days and as high as 174 days for ASF properties priced between $800,000 to $999,000.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
Based on information from REColorado®, Inc. provided by Land Title for the period of Sept. 1, 2016, through Sept. 30, 2016, for Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson Counties. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market.