According to a new report from the Denver Metro Association of Realtors, in August it took an average of 11 days for a home to sell in Denver, up two days from July. While it may not seem like a lot, when you compare that to earlier this year when homes were selling in just three to four days, some are concluding the market is becoming more balanced in the Mile High City.

Andrew Abrams, chair of the real estate association’s trend committee, noted in the report that buyers typically move slower in late summer as families settle in for a new school year, and tend to be a bit more patient, wanting to find the right house for the right price.

How long it takes to sell a home depends on its price, with less expensive homes selling faster than more expensive ones. A home with a price tag that is less than $500,000, for example, might be on the market for nine days, while a home priced in the $750,000 to $1 million range might sell in 16 days.

It’s too early to tell whether the recent slowdown is due to seasonal patterns or the housing market beginning to correct itself after a boom that drove double-digit price gains across much of the state and the country.

While sellers might not be getting multiple bids in one weekend, low interest rates and a lack of homes for sale are still fueling a tight housing market.

A record-low 3,582 homes were listed last month in metro Denver, marking a 35 percent decline from the same time in 2020, according to the DMAR report. Typically, there are about 16,000 homes for sale in August, though that number topped 31,000 homes in 2006 — a record high.

As the selling season begins to slow, if you’re not on a strict timeline, now could be a great opportunity to make your dreams of homeownership a reality. Contact Metrowest today – we’d love to help you start the process!