Following small price declines and a jump in inventory last month, the latest figures on Denver’s housing market indicate it remains competitive as we enter the slower winter months:
- The average sold price for detached single family (DSF) and attached single family (ASF) homes was unchanged and up 2.4 percent, respectively, from the previous month and up 10.7 percent and 9.6 percent, respectively, from a year ago;
- Total inventory of active listings decreased to 6,138;
- Days on market (DOM) increased for DSF and remained steady for ASF; and
- The percentage of homes selling in seven days or less decreased.
The expected seasonal market cooldown can be advantageous for buyers and sellers for the following reasons:
- While total inventory typically declines, it does so in proportion to the decrease in units under contract and sold;
- The percentage of flash sales – those units under contract in 7 days or less – decrease significantly; and
- The list-to-close price ratio decreases resulting in fewer bidding wars.
For sellers, this means the market remains favorable and the odds of selling high, and for buyers it means they can take more time in their approach to buying a home.
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.