Prices Lower but Homes Still Going Fast - Oct 2017

Market Trends

The Denver real estate market continued its expected seasonal slowdown as inventory rose slightly and buyer activity decreased:

 

•       While the average price for detached single family (DSF) and attached single family (ASF) homes both declined compared to the previous month, prices rose 6 percent and 10 percent, respectively, from a year ago;

•       Average days on market remained low with DSF at 25 days to contract and ASF at 20 days; and

•       The percentage of all homes selling in seven days or less dropped to around 44 percent.

 

For buyers, fall is a great time to be in the market for the following reasons:

 

•       More options: The homes-to-buyers’ ratio increases when there are fewer buyers and more active listings.

•       Slower market: As fewer homes sell in seven days or less, buyers are able to be more thoughtful in the home buying process.

•       Fewer bidding wars: With less competition, buyers may find it easier to negotiate on purchase terms.

•       Good time to move up: Demand for homes under $400,000 still remains high, while buyers in the $600,000-to-$800,000 range face significantly less competition.

 

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@coloradohomes.com. I am never too busy for your referrals.

 

Based on information from REColorado®, Inc. provided by Land Title for the period of September 1, 2017, through September 30, 2017, 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.

Oct17MarketAnalysis-LaDawn