The September market report for Denver real estate features buyer-friendly stats... at least when considering Denver's extreme sellers market (it's all relative, right?).
Let's start with the numbers:
The average detached home costs $525,346
The number of homes on the market has increased by 12% since last year. This is a 4 year high!
The number of homes sold has decreased by 11% since last year.
Mortgage applications reduced in number by 4.5% since last year.
The average home price decreased by 0.5% since last month, but increased by 10% from this time last year
The impressive increase in homes on the market - when taken with the decrease in homes sold - paints the picture of a great opportunity for buyers in this crazy seller's market. Given the higher number of houses to look at and the clear reduction in buyer competition, September could be the perfect time to buy your next home.
Ryan Belinak explains, "there waspotentially a little room for negotaion," when working with buyers to find a home this August.
Why the decrease in buyer interest?
The decrease in buyer volume in Denver is likely the result of two factors: buyer fatigue and increasing interest rates.
What do these changing numbers mean for September's housing market?
Buyers can expect to see less multiple offer situations, though they'll still need to act swiftly (especially on reasonable priced homes). As buyers mellow and more houses come on the market, we can also expect to see homes spending a few more days on the market and a slowing of home price appreciation.
Is Denver real estate changing to a buyer's market?
In a word; no. We're still in a strong seller's market. Here's how the real estate experts decide if it's a buyer's or seller's market:
6 months of inventory (houses on the market divided by pending sales) is a balanced market. This means that neither sellers nor buyers have an advantage.
Any number of months above 6 is considered a buyer's market
Any number of months below 6 is considered a seller's market
Denver currently hovers below 2 months of inventory, indicating a continuing (extreme) seller's market and highlighting the persisting interest of buyers - despite increasing prices and low inventory
So, if you're a buyer, jump on this slower real estate season for less offer competition and more homes for sale.
Interested in more real estate data? Explore Denver housing market stats by neighborhood on our Interactive Denver Neighborhood Index!
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