Is The Denver Real Estate Market Slowing Down?
This guest blog was written by West + Main Homes
Is the Denver Real Estate Market Slowing Down?
Are you wondering if the Denver real estate market is finally slowing down? Over the last month, real estate agents have seen significant price reductions in the Denver Metro Area and houses haven’t sold as quickly. This leaves many questioning if it’s back to a buyer’s market.
According to the most recent report from the Denver Metro Association of Realtors (DMAR), it’s still a seller’s market and it’s not slowing down anytime soon. In the report, Jill Schafer, Chair of the DMAR Market Trends Committee, said even though there have been price reductions and houses are taking a little longer to sell, the market isn’t changing.
“It appears we still have a ways to go before we get to a buyer’s market,” Schafer said. “And that’s not just my opinion, that’s the story the statistics tell as well.”
Why the Denver Real Estate Market Isn’t Slowing Down
During the month of October, inventory in the Denver residential market increased by 35.28 percent from last year. The sales volume for the Denver residential market in October also exceeded $22.5 billion, which is a 5.45 percent increase compared to last year.
The average cost of a home in October 2018 was $471,321, which is up 7.12 percent compared to the previous year. Then the average number of days that a home is on the market is 29 days, which is roughly the same as the past three years.
To dive even deeper into the statistics, at the end of October there were 8,539 active homes on the market. That’s more than any month (other than September) since November 2017. The number of homes placed under a contract in October was 4,628, which is a 5.11 percent increase over the past month.
Even though there are skeptics that think the Denver real estate market is cooling down, there are plenty of statistics and numbers that say otherwise.
“Yes, it seems houses are taking a little longer to sell with an average of 29 days on market for single-family homes in October compared to the super-fast 19 days in June,” said Schafer in the DMAR report. “That just means we’re in the middle lane going the speed limit instead of in the fast lane going 100 miles per hour. Anytime you go from 100 to 65 miles an hour it feels like you’re crawling, but, remember, you’re still moving forward and the market always slows down when the leaves fall.”
Buy or Sell a Home in Denver
If you’re ready to buy or sell a home in the Denver Metro Area, then contact West + Main Homes. We rank as one of the top Denver real estate companies and our team will work to make sure you find or sell your home with ease. When you’re ready, give us a call at 720-299-6635 or send us an email at [email protected].