Much like this past weekend’s welcomed cool-down, local area real estate agents are seeing the temperatures slightly dropping in the market, which, if it continues, will bring a huge relief to buyers.

While it’s not a sweeping change all at once, we are seeing indicators that a bit of a shift could be on the way. As little as one to two weeks ago, a popular listing might have attracted more than a hundred showings and 15 to 20 serious offers, now even a great property at an affordable price point might see 30 to 40 showings and three to four offers. Of course, that’s still indicative of a seller’s market, but for buyers tired of putting in offer after offer and losing, any kind of tempering will boost their odds of landing a home.

Moreover, the slowdown isn’t just happening in Denver. ShowingTime, which manages the scheduling of showings for more than 1.5 million active listings, noticed a significant drop in showing activity in May compared to April in 28 of the 30 cities it tracks, including Denver.

Weekly showings in Colorado, which has been increasing at a 50% plus clip in April compared to the first week of January, almost went flat in late May. They rebounded in June, but the rate of increase is only running around 20%, a fraction of the typical increase June has in showings over January, according to ShowingTime.

Besides having an easier time getting a slot for a showing, buyers should also start noticing a wider selection of homes to choose from and the ability to look at a property more than once before deciding whether to put in an offer. And they will have less competition when it comes to making an offer.

June is typically one of the strongest months for home sales and price gains can peak around the July 4th holiday or beyond. So, what explains the Denver market losing steam in May? A few things…

- Ease in Covid restrictions
With vaccines increasing and borders opening, for many the desire to travel and socialize took away from house hunting.

- Heading back to the office
As more employers call workers back to the office, the allure of plopping down in Denver to work remotely or buying a second home in a Colorado resort town may fade.

-  Buyer burnout
Metro Denver’s super competitive market may have simply caused some buyers to stop the search.

As you can see there are several reasons the market in Denver is showing signs of slightly cooling – could this be the time for you to start your search? Contact Metrowest today – we’d love to help you start the process!