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 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 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.