The bottom line upfront is our Denver area market, while no longer ULTRA hot, is still very much a red hot market, with a few more home buyer opportunities available.
So, what are we seeing out there?
Active home listing inventory continues to climb….
The Average number of buyer showings per home listing continues to decline….
And, as a result, it’s taking a little longer on average for homes to go under contract..
But, surprisingly, on average, homes were still selling at a 3% premium – meaning, 3% above list price. Sure, that’s down from the 5% premiums we saw earlier this year, but this really is great news. We may even see this premium drop to 0% in the coming months.
For homebuyers, our shift in the market could be a great opportunity to have a few more options to choose from – and you may just find yourself as the only offer on the table.
For sellers, you’ll need to do the work to make your home show ready, take every showing you can get, and be prepared to adjust price to stay competitive.
To read more about our current market conditions here in the Denver area, go check out our latest blog at modernwesthome.com. Thanks for watching!