"The current data is hinting that the extreme sellers' market is showing some early signs of easing, explains listing agent Rebekah Robinson. This month's market report from The Denver Metro Association of Realtors reveals several clues that buying an affordable Colorado home may become much less stressful in the near future.
CLUE 1: Average days on market 27 (Went down almost 7% since last month, but has gone up almost 4% since this time last year!)
Although homes are spending less days on the market as compared to last month, we're seeing homes wait a bit longer to sell than this time last year. This means that buyers have a bit more time to get offers in and may be facing less intense competition.
CLUE 2: Active inventory is up by close to 20% since June and almost 4% since last July.
Denver's inventory shortage is showing initial signs of repair. With a sizeable inventory increase since this time last year, and an impressive improvement over last month, buyers have more selection.
The rest remains status quo:
- Neighborhoods with homes priced below $450,000 can expect continued competition from buyers.
- The luxury market is beginning to offer purchase incentives as buyer activity in this market slows
- Average sales price: 2% increase from may and 7% from a year ago
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