As to be expected with the seasonal change, we are seeing shifts in the Denver Metro housing market. In particular, inventory increased to the highest level it has been in four years. In August, According to the Denver Metro Real Estate Market Trends Report, there was a total of 8,228 homes on the market- an increase of 11.79 percent from last year.
Possibly due to the increase in inventory and the transition into fall price reductions are becoming more abundant. In fact, according to that same report, about 30 percent of sellers lowered their listing price in August to entice buyers. If you are considering buying, now is a good time given this cooling down trend.
Even with these shifts in the market, homes are still being sold relatively fast compared to other city markets, with a 23-day average for single-family homes and a 20-day average for condos. According to Denver Realtor® Chairman Steve Danyliw, “The market will continue to favor the home seller and the next few months should see increased activity.” Utilize this seasonal transition and the upcoming holidays as opportunities to market your services and build new relationships while staying top of mind with your existing client base.