Now that snow is on the ground and the temperature is dropping, I think it's safe to say we are into the winter months in Denver. So the questions I'm starting to get on a daily basis are, is winter a good time to buy in Denver? Is winter a good time to sell in Denver? The answer to both is YES! To help me explain, I'm going to rely on some great statistics courtesy of Megan Aller with Land Title.
The first graph shows that the best oddsfor selling are April and May and the lowest odds are in January.The second graph shows the average days on market.July is the shortestat 36 and January and February the longest at 70 days.
The first graph above shows the sold verse list percentage. Homes on average sold for 100.1% of asking price in May and June and for 97.8% in January. The second graph shows average sold price. June is again the highest at $368,002 and January is the lowest at $320,448.
If these trends hold, as they should considering the number of people still moving to Denver, low interest rates and extreme lack of inventory, it's pretty clear that April through August is the best time to sell and that November through February is the best time to buy. The inventory in the winter months is about half of that in the summer. The number of active buyers is about the same though so the extreme supply and demand shortage we are experiencing will remain year round.
So if you have to sell, go ahead and put your house on the market. The buyers that are looking now have to buy and aren't going to mess around.If you are a move up seller, the timing could be great. You may not net as much for the sale of your home, but you aren't going to have to compete with 20 other offers and won't have to pay as much for your new home.
If you are looking to buy, get shopping this winter. We are still seeing multiple offers, but not 20 like before and getting a home for close to asking price or even below is more common than you think. I can't stress to buyers enough that now is the time to buy. If you would like to talk strategy for buying or selling, please let me know.
Mic Ortega
m. 303.903.3734
mic@liveurbandenver.com
www.micortega.com
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