Move Toward a More Balanced Market Continues
For more than 16 years, the Denver area has been a sellers’ market, which is typically defined as having less than three months of inventory. Inventory across all segments has increased in recent months with some segments near three months of inventory, indicating that we continue to shift toward a more balanced market.
September’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was up 2% compared to the previous month and 8% from September 2021;
- The average days in the MLS were up 37% from the prior month and 100% from a year ago; and
- Active listings at month end were up 11% from August and 93% from this time last year.
According to a study by SmartAsset, the metro Denver market ranks No. 21 among the fastest-cooling markets in the country. As the market continues to shift, it is more important than ever for sellers to prepare their homes for sale and price right. Conservatively prices homes are still selling quickly, often in the first week. For buyers, this means they can finally take some time to find the right house and negotiate on price, inspections, appraisals and other items.
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.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of September 1, 2022, through September 30, 2022, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.