Hey buyers. Yeah, you. Now is the best time we have seen in the past three years to buy a Denver home. I know it sounds crazy with how nuts this market is but we have seen a noticeable slow down in the market the past month in a half and wait for it, homes are actually making it through the first weekend on the market without multiple offers.
This past weekend I showed 7 homes to buyers in the Highlands. All were priced between $250,000 to $400,000. Of the seven, it looks like only two went under contract this weekend. These were really nice homes that appear to be priced well. The best one that I expected to have a bidding war on received only two offers and only went for $6,000 over asking price. Another charming half duplex, just blocks to the hottest part of Sunnyside, didn't receive a single offer which blew me away. I listed an amazing condo Downtown in early July. The past two units just like it sold in days and thirty days later, we haven't had a single offer. Now we are priced way below the other two and some lucky buyer is going to get a steal on this condo when it sells.
I've noticed this trend since the beginning of July and attribute it to buyer's being burnt out and taking a break, the nice weather and everyone wanting to enjoy this beautiful Colorado summer now that the rain has stopped, and family trips before school gets started in a few weeks. Looking at the sales numbers from July, we see a noticeable shift as well. First, the average sales price is down, the first time that's happened in years. Next, the number of active listings is up, 8,961 in July compared to 5,166in March. And finally the number of solds is up to it's highest point this year. More homes are on the market finally and fewer buyers are out looking. As a buyer, this is what you have been waiting for all year.
Do I think this trend will continue? Probably not. We see a slow down about this time of year usually and come September, we usually see another rush. Last year we saw a boom from September until about November so I expect something similar this year. That is why I think now is the absolute best time to buy a home in Denver. If you are waiting for the market to slow, now is the time. Just don't wait too long because it could easily be gone overnight.
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