Fall is definitely in the air as the weather is cooling off and the leaves are starting to change. Football season is in full swing and before you know it, we’ll be talking about the holidays!
Time flies when we are having fun as they say, so let’s jump in and see what’s been happening with the Denver Real Estate market since the last update:
Denver Metro Area Home Report: August
Denver is currently ranked the third hottest home market in country and the real estate market is doing it’s typical seasonal peak with inventory levels, which is currently sitting at 7,327 in active listings through the end of August. This is very similar to what we saw at this time last year if you recall. Of those 7,327 homes, 4,985 of those homes are at $400,000 or higher in home value representing 68% of the active inventory. The higher end market has definitely cooled off with sales and showings, as affordability still remains one of the key drivers with many buyers. Conversely, the $200k-$300k market still remains very active, but we are starting to see more and more listings in this price range coming to market and staying on the market longer.
We should see some late season activity come through the pipeline as we head into October, but certainly as we head into the holiday season in November we should see our peak in inventory levels as they will likely start to dwindle down until we head into February and March of next year. In fact, I have been on a few listing appointments lately and the majority of those sellers are wanting to wait until inventory levels bottom out and list early in the season next year when competition levels will likely be at their lowest. On the flip side, if you are thinking about buying there should be more and more opportunities coming up as we head into the holidays when most people don’t even want to think about dealing with a move during the holidays. Food for thought none the less!