Denver real estate buyers, take a sigh of relief. Denver may still be a strong seller’s market, but buyers have more choices and less competition than just a few months ago.
Over the past several months, the residential real estate market has been incrementally cooling, providing a bit more opportunity for buyers. So, dust off that house hunting fatigue and hop into the Denver real estate pool.
More homes for sale in Denver
Denver’s home inventory is continuing its steady climb as we head into August! Given our popular city’s inventory shortage, this is promising news for buyers in the area. With more houses to choose from, potential buyers may face a less competitive market this month and will certainly be able to explore more options. In fact, inventory is at a 3 year high.
More days on market for Denver area houses
In past years, homes have spent less and less days on market. This has been just one cause of the pressure cooker we call Denver real estate. The change this month produced a 5% increase in days on market since June, providing some breathing room for buyers this summer.
Jason Rogers, Denver Real Estate Agent, shares the August 2018 market report
Less homes sold than last summer
This August’s numbers show a significant decrease in sold homes since the same time last year. The 9% decrease indicates a reduction in home buyers on the hunt. If that doesn’t convince you to search for your dream home, I don’t know what will!
To be clear, the Denver real estate market is still very hot. Sellers still hold more power than buyers and inventory is tight. But, things have shifted - just the slightest bit - in favor of buyers. With more homes on the market and less buyers in the pool, it’s a great time to buy a house in metro Denver.