Robust market may be cooling as we enter the winter season
Real estate market observers report that the robust metro Denver real estate market may be cooling somewhat as we enter the winter months. The record-breaking home buying and selling activity in Colorado throughout 2021 is not as red hot, according to the latest statistics for September. As many families prepare for the upcoming holidays and families strive to return to something resembling normalcy, priorities have changed somewhat, and real estate is not at the top of their list of priorities.
The metro Denver residential real estate market, however, remains strong and there are still some excellent opportunities for both buyers and sellers. The number of homes sold in metro Denver through August dipped a little by nine percent compared to the same period last year. This slight decrease is an expected trend that many markets across the state see on a seasonal basis and it’s also a positive indicator that the real estate market is returning to a more stable period.
According to one report, although the number pf homes sold decreased, sellers should not be discourage as the odds of selling have increased, and this metric measures the ratio of buyers and sellers in a given market. In September, the odds of selling a home increased by 2.9 percent from July to 77.8 percent, which illustrates that sellers still have a good position in the marketplace where they can feel confident about getting their home sold in a timely manner.
But, those in the market still need to make a strategic plan in order to achieve success. With fewer active buyers, accurately pricing and marketing homes will be crucial, which makes using an experienced Realtor especially important. The average sold price of a home in metro Denver was $607,003 through August 2021, which was 16 percent higher than the average at the end of summer 2020. Using their experience, Realtors can help sellers achieve their financial goals.
The slower market pace is also benefiting buyers who have had a tough time in the fast-paced metro Denver market. There was a little less competition in September for Denver’s limited inventory. The most recent data shows that the number of showings that took place last month decreased by 0.2 percent compared to the previous month. This reduction, however small, may provide buyers with the chance to make an acceptable offer that’s not on the outrageous side.
The luxury market (homes priced at $1 million and above) saw a 35 percent increase in listings sold, totaling 470 sold last month, with the average sold price at $1,575,018 for a one percent decrease from the same period last year.
Overall, the metro Denver housing market is still strong as it settles into a slower seasonal pace.